Offshore drilling legislation clears U.S. House of Representatives
On Wednesday May 11, 2011, the United States House of Representatives advanced two bills that would accelerate offshore oil and gas drilling. The first of two bills would give the Federal Bureau of Ocean Energy Management, Regulation and Enforcement a maximum of sixty days to approve or reject applications for offshore drilling permits. If the board fails to make a decision within the time frame, the legislation automatically deems the permit application to be approved.
The second bill relates to forcing the federal government to sell drilling leases in waters off the coast of California and much of the Atlantic coast. Neither measure is expected to advance in the Senate as the Obama administration, as well as congressional democrats have voiced there opposition to the passing of such legislation.
The bills attempt to address the continued debate surrounding the cause of and solution to high gasoline prices in the United States. Supporters of the house bill argue the legislation would have the effect of eventually lowering oil prices by ensuring more crude oil supplies are tapped domestically.
