Chamber Praises President’s Action to Lift Energy Exploration Ban

The U.S. Chamber applauded President Bush’s decision to lift a decades-old executive order banning oil exploration in the Outer Continental Shelf (OCS).

“With gas now over $4 a gallon, Congress and the administration should be doing everything in its power to incentivize and produce energy,” said U.S. Chamber Executive Vice President for Government Affairs Bruce Josten in a statement released minutes after the president made his announcement at the White House. “Lifting this decades-old OCS ban is important in meeting the energy needs of a growing nation, breaking our dependence on foreign oil, and reducing prices.”

The OCS is estimated to contain 420 trillion cubic feet of natural gas and more than 85 billion barrels of oil. The natural gas that is located on the OCS off the lower 48 states alone would satisfy all domestic industrial and commercial needs for almost 30 years.

Public attitudes towards energy exploration and the development of new energy sources is shifting as well. A recent study by the Pew Research Center found that almost half of the people surveyed— 47%—said that oil exploration and drilling should be a greater priority than conservation.
 
The president’s action comes just days ahead of a major Chamber energy event. On July 16, the Chamber’s Institute for 21st Century Energy is bringing together a bipartisan group of government and industry leaders to endorse comprehensive, common-sense energy solutions.

Learn more about the “America’s Energy Future” event.

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