Reps Pass Bill To Allow Offshore Drilling

With all of the vairables that lead to the price of crude these days, one looms as a possible dragon-slayer.

Yesterday, the House of Representatives brokered a deal to expand offshore drilling to the Atlantic and Pacific oceans. If a bill isn’t passed and approved by September 30th, the current moratorium on offshore drilling expires and the protected areas would open for expolration.

The new bill included a 10% draw down from the Strategic Petroleum Reserve and it be placed in the market for poor and low-income families, plus incentives for natural gas and other renewables. House Republicans, led by Rep. John Boehner, were irked by the omission of nuclear power and the short debate window – which they contend limited the debate and forced many measures be included without adequate time on the floor of the House.

With crude off over $50 from its high of $147 this summer, the House action places greater emphasis on the Senate to craft their own version of the bill to help gasoline and fuel oil to drop to or below Winter 2007 levels.

House Passes Bill To Expand Drilling, Fund Renewables – WashingtonPost.com