Earth Equity News

A Closer Look at the Dems' Offshore Drilling Bill.Posted by Joseph Romm, Gristmill, August 18, 2008. "So just how much drilling is in [the Democratic, Gang-of-10 compromise on offshore oil drilling?] '[It] opens additional acreage in the Gulf of Mexico for leasing (in consultation with the Defense Department to ensure that drilling is done in a manner consistent with national security) and allows Virginia, North and South Carolina and Georgia to opt in to leasing off their shores. [It] retains an environmental buffer zone extending 50 miles offshore where new oil production will not be allowed; requires all new production to be used domestically; creates a commission to make recommendations to Congress on future areas that should be considered for leasing; and provides for appropriate revenue sharing for states that allow leasing off their shores.' From my perspective, that ain't bad. Yes, I am aware this will never have any impact whatsoever on the prices Americans pay at the pump. But as I said… if the Dems don't give in to some coastal drilling at $4 a gallon gasoline, they will eventually at $6 or $8. Why keep taking any serious political pain if you can get some real clean energy gain -- especially if the drilling is far less than de minimis, as it is here?… The Gang-of-10 deal leaves out the entire West Coast and half the East Coast, and the other states must opt in. Drilling in the state that seems most excited, Virginia, will almost certainly be vetoed by the Pentagon because the Navy uses the state's coastal waters for a variety of activities. So coastal waters with maybe 6 billion barrels of oil will be open for drilling -- very little if any major drilling will occur for the next 10 years in these areas, and not much after that with the possible exception of the Eastern Gulf."