Legislative Update: Tapping Into Domestic Resources

 

by Bill Miller | May 6, 2011

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Yesterday, the House of Representatives easily passed H.R. 1230 the “Restarting American Offshore Leasing Now Act,” which will kick start pending drilling projects in the Gulf of Mexico and off the coast of Virginia which were previously delayed or canceled due to last year’s BP Oil Spill.  The bill gained bipartisan support, with a 266-149 vote count. H.R. 1230 was one of three pieces of legislation proposed by House Natural Resources Committee Chairman Doc Hastings, aimed to end the de facto moratorium on offshore oil and gas exploration and help create tens of thousands of jobs.

While all three pieces of legislation should easily breeze through the house, they have little hope of survival in the democratically run Senate. Still, Rep Hastings continues to fight for their advancement and hammer home the message that the impact that the stalling of domestic oil and gas production will have on continually rising gas prices.  He reported to Politico that the votes will, “’send a strong signal to the world markets that the U.S. is serious’ about expanding its production.”

Tags: Energy

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