President Bush Urges US Congress to Lift Ban on Offshore Oil Drilling
Posted on: Thursday, 19 June 2008, 09:01 CDT
US president George W Bush has urged the country's Congress to lift a ban on offshore oil drilling, in a bid to address the increasing public pessimism over increasing oil prices, reported Reuters.
The news source reported that Mr Bush's proposal to lift the drilling ban is sure to anger environmentalists. With average US gasoline prices reaching $4 per gallon, $1 higher compared to the same period of 2007, energy policy has become a critical talking point before the November 2008 US elections.
The US president stated that drilling in federal lands off the US coast could yield around 18 billion barrels of oil. This volume is expected to meet existing US demand for around two and a half years, but could take almost a decade to harness, according to Reuters.
The prospect of oil sourced locally could calm speculators' fears of a global energy crunch, but actual production could be years away, even if Congress acted swiftly to lift the ban, according to industry sources. Analysts have said that the possibility of Congress hauling over the ban during an election year is very slim.
Source: Datamonitor
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