The Homa Files

Excerpted from CNN Money: “Democrats allow drilling ban to lapse”, September 23, 2008

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The Interior Department estimates there are 18 billion barrels of recoverable oil beneath coastal waters now off-limits.

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Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in a month-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.

Appropriations Committee Chairman David Obey told reporters that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.

Republicans have made lifting the ban a key campaign after gasoline prices spiked this summer and public opinion turned in favor of more drilling. President Bush lifted an executive ban on offshore drilling in July.

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Just last week, the House passed legislation to open waters off the Atlantic and Pacific coasts to oil and gas drilling but only 50 or more miles out to sea and only if a state agrees to energy development off its shore.

Republicans called that effort a sham that would have left almost 90% of offshore reserves effectively off-limits.

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Full article:
http://money.cnn.com/2008/09/23/news/economy/offshore_drilling.ap/index.htm?cnn=yes

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