Saturday, August 2

OBAMA FLIPS ON OFFSHORE OIL DRILLING

Reuters - Democratic presidential candidate Barack Obama said he would back limited offshore drilling as part of a broader energy package that attempted to bring down gas prices and reduce U.S. dependence on foreign oil. Obama dropped his blanket opposition to any expansion of offshore drilling and signaled support for a bipartisan compromise in Congress aimed at breaking a deadlock on energy that includes limited drilling. . .

The bill would require the government to open additional areas in the Gulf of Mexico for development and would allow drilling off the coasts of Virginia, North Carolina, South Carolina, and Georgia if those states give permission.

A commission would be created to recommend areas to be opened for leasing in the future. Offshore production would still only be allowed 50 miles from the shore, and all the new oil produced would have to be used domestically.

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