Major Oil Discovery: Time to Lift the Moratorium

By September 7, 2006General

News yesterday of the discovery of a major oil field off the coast of Louisiana in the Gulf of Mexico would seem to make the case for lifting the federal moratorium on exploration there. Gas prices have leveled off for the moment, but this is a global game of supply and demand. If we want to stabilize our prices, why wouldn’t we encourage more exploration in the hopes of finding more reserves like this one, said to potentially hold as much as 15 billion barrels of oil?

We remain the only country that limits access to its own natural resources. How ridiculous, when we’re competing with all those who don’t have any limits. This latest discovery is another reminder of our great potential, held back by the forces of a federally-imposed ban.