US offshore drilling un-banned

Just saw this news from ICIS that President Bush is lifting an executive ban on offshore drilling that has long stood since his dad was president.

The presidential offshore development ban was put in place by the first President Bush in 1990 while Congress also banned oil and gas drilling off the US east and west coasts as well as almost all of Alaska's coastline since 1981.

The US Congress is yet to lift its ban and until they do so, no drilling is still allowed.

I can imagine right now several press releases being written from both sides of the equation. One from energy intensive companies (that include the chemical industry) celebrating the momentous occasion, and the other from environmental groups condemning the president's action.

The American Chemistry Council already had theirs applauding the historic occasion stating that the move is a positive step towards the right direction for US energy policy.

The Congress is now under pressure to make its turn.