Scandoil.com

Bush lifts U.S. offshore ban, but boycott rules


Published Jul 15, 2008
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U.S. President George Bush has lifted a ban on offshore drilling in the country’s outer continental shelf, or OCS, although Congress has not approved exploration and maintains its own boycott.

The move has been expected and the Republican camp gained a political victory by citing Democratic reluctance to lift a 1981 moratorium on drilling in the outer reaches of the U.S. continental shelf for higher gas prices.

“Experts believe the OCS areas (outside the Gulf of Mexico) under leasing prohibitions could produce about 18 billion barrels of oil,” a Whitehouse statement said.

Only marine sanctuaries and areas near Florida are declared off limits by the President until 2022 under the Gulf of Mexico Energy Security Act.




   

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