President George W. Bush today signed a consolidated appropriations bill that funds government operations through March 2009, including disaster relief. The measure also lifts a long-standing legislative ban on offshore oil and gas leasing cherished by conservationists.
Earlier this year, President Bush lifted an executive moratorium on oil and gas leasing offshore, so with the signing of this bill the petroleum industry is free to lease areas of the Outer Continental Shelf that have been off-limits for 27 years.
"This Act lifts the legislative moratoria on oil and gas leasing on significant portions of the Outer Continental Shelf and the prohibition on the completion of regulations for commercial leasing of oil shale, which will allow us to reduce our dependence on foreign oil," the president said.
While environmentalists predicted the bans would be reinstated in the next Congress, the National Taxpayers Union was pleased with the opportunity to develop more domestic energy supplies.
"The Democrats' concession on offshore drilling and oil shale leasing bans will allow development of our country's vast energy resources and - most importantly - will provide American consumers with some much-needed price relief in the future," said National Taxpayers Union Government Affairs Manager Andrew Moylan.
"Congress's decision not to extend the ban will make available more than 86 billion barrels of oil offshore and, potentially, as much as 800 billion barrels of shale oil. While these resources won't be accessed overnight, the promise of increased supply in the future will help calm volatile markets," he said.
