President to Lift Executive Ban on OCS Drilling

By July 14, 2008Energy

The White House has announced that President Bush will make a statement at 1:30 today in the Rose Garden. The news is big and welcome: He will announce that his is lifting the executive order that prohibits drilling on the Outer Contintental Shelf.

The AP has a story: The executive order was signed by President George H.W. Bush in 1990.

The New York Times covered the first President Bush’s prohibition — then only for 10 years — on OCS drilling in this story, June 27th, 1990, “Bush Cuts Back Areas off Coasts Open for Drilling.” The Times quotes a statement from the American Petroleum Institute:

The American Petroleum Institute, a trade group of major oil companies, estimated that as a result of the policy the country will lose about two million barrels of oil a day, about a fourth of current domestic production.

In a statement made public today, the institute complained: ”These decisions on offshore oil and natural gas leasing are harmful to our country and economy. They will lead to decreased domestic production, more imports , more dependency on OPEC, more tanker traffic, and the export of jobs and investment overseas.”

”Locking up these energy-rich lands at a time when our dependency on foreign energy is escalating,” the statement said, ”is a serious mistake.”

API was right, wasn’t it?

UPDATE (11:48 a.m.): In this June 18 news release, the National Association of Manufacturers called on President Bush to lift the executive moratorium.


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