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Posted: 11:51 AM Jul 14, 2008
Bush To Lift Executive Ban On Offshore Drilling For Oil
As an effort to deal with soaring gas prices, President Bush on Monday will lift an executive ban on offshore drilling that his stood since his father was president. But the move, by itself, will do nothing unless Congress acts as well. Reporter: Nicole MortenEmail Address: morten@kbtx.com |
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As an effort to deal with soaring gas prices, President Bush on Monday will lift an executive ban on offshore drilling that his stood since his father was president. But the move, by itself, will do nothing unless Congress acts as well.
White House press secretary Dana Perino said, the president plans to officially lift the ban and explain his actions in a Rose Garden statement.
There are two prohibitions on offshore drilling, one, which is imposed by Congress and another by executive order, signed by former President Bush in 1990.
President George W., trying to ease market tensions and boost supply, called last month for Congress to lift its prohibition before he did so himself.
But Perino said Bush no longer wants to wait. She pinned blame on the leaders of the Democratic Congress for inaction.
"They haven't even held a single hearing," said Perino. "So we are going to move forward, and hopefully that will spur action by the Congress."
When asked if Bush's action alone will lead to more oil drilling, Perino replied, "In terms of allowing more exploration to go forward? No, it does not."
In his final months of office, the president has responded to record gas-prices with a series of proposals, including more oil exploration.
According to White House Officials, none would have immediate impact on prices at the pump. They say it will be no quick fix, however, starting action now would help, they say.
U.S. Sen. Bill Nelson, a Florida Democrat, was upset by the president's decision. "That doesn't do anything to the price of gas," Nelson said. "The price of gas is being driven up by speculators."
Nelson said it would take years to extract any oil from newly opened areas. He also said oil companies have yet to drill on 68 million acres already available, plus 8 million acres that were opened to drilling under a compromise that Nelson said he helped arrange.
Latest Comments
In a few years we will be glad that the drilling ban was lifted. Long term problems require long term solutions, there is no "quick fix" for the oil problem, and sitting around doing nothing is not going to solve the problem. Oil may be a global market, but think of where we buy our oil from and the distance it has to travel to reach us, that adds to the price of oil. Also take into account the fact that we don't have the refining capabilities (gov regulations) to refine the oil we have now and must be shipped elsewhere for refining. This also adds to the cost. No one knows for a fact that oil is going to continue to go up, it is merely speculation. As for the last post saying that wanting the oil ban lifted has to do with political affiliation thats crap. It has more to with having common sense.
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According to Energy Information Administration which is a section of the Department of Energy off shore production could not even start until 5 years after the leases are obtained so that is around 2013. Off shore sites could not significantly affect US production until 18 years later so thats around 2026. The final impact in 2026 will be entirely insignificant. Oil is sold on a global market and as such is priced on that global market. People need to read and start thinking instead of just spouting off stupid comments based on political affiliation. Stupidity is pervasive in both parties. We need thinkers not name callers and blow hards.
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I am sorry to say they are right, drilling won't help our gas prices right now. It would take at least 5-10 years before it would even do any good towards the economy. Drilling takes quite abit of time and well by the time they found anything to even help,gas is going to get higher. Our main concern right now should be,instead of trying to lower gas prices why not increase wages for the working men and women of the U.S. to help compensate for the higher food,gas and everything else prices. That is where our concern should be now so that everything would be at a balance instead of everyone falling behind.
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