14 July 2008 16:55 [Source: ICIS news]
Bush will announce an end to the presidential moratorium on offshore drilling at a press conference at 13:30 Eastern Time at the White House, said spokeswoman Elizabeth Chervenak.
She said Bush also will again urge the US Congress to lift its 27-year-old ban on offshore drilling.
The congressional ban on oil and gas drilling off the US east and
Both moratoria were meant to protect shorelines from possible contamination that might result from oil drilling, but both development bans were initiated when oil and gas were much cheaper.
With US retail gasoline prices at more than $4/gal, oil at plus-$140/bbl and natural gas - a key feedstock for
Bush urged Congress on 18 June to lift its drilling ban, saying he would end the presidential moratorium if the legislature moved first.
However, the White House said the president is now going to take the initiative and lift the executive order first.
“It has been nearly a month since the president urged Congress to act, and it has not moved forward,” Chervenak said.
“So the president will announce today an end to the executive’s offshore drilling ban and he will urge Congress to follow suit.”
The move by Bush is seen as another effort to pressure the Democrat majority in Congress to authorise more offshore drilling along the US east and
($1 = €0.63)
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