From the White House, the President’s statement.
Very good statement, reminding Congress of the law of supply and demand. The discussion of oil shale was also on target, as were the remarks on refineries.
Still, what’s the rationale on the timing here?
Republicans in Congress have proposed several promising bills that would lift the legislative ban on oil exploration in the OCS. I call on the House and the Senate to pass good legislation as soon as possible. This legislation should give the states the option of opening up OCS resources off their shores, provide a way for the federal government and states to share new leasing revenues, and ensure that our environment is protected. There’s also an executive prohibition on exploration in the OCS. When Congress lifts the legislative ban, I will lift the executive prohibition.