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People & Business :: Energy and Feedstocks

Bush Lifts Executive Ban on Offshore Drilling

9:07 AM MDT | July 22, 2008 | Kara Sissell

President Bush says he will lift a long-standing executive order banning oil and gas drilling in most of the U.S. Outer Continental Shelf (OCS), which is aimed at expanding domestic supplies and mitigating increases in energy prices. Bush also urged Congress to lift its legislative ban offshore drilling, a move that is necessary for Bush’s action to be effective. However, lawmakers have not been able to agree on opening OCS, except for a small area off the coast of Florida that was opened for drilling in 2006. Expansion of offshore oil and gas supplies has...

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