Tuesday, September 16, 2008

Getting to 'yes' on more offshore drilling? Not yet To get to "yes" on sweeping new energy legislation, US lawmakers this week will first have to neutralize "poison pills" that both sides acknowledge could yet scuttle passage of any bill. Foremost among these are big caveats top Democrats want in return for relaxing a decades-old moratorium on offshore oil and gas drilling in most US waters, including rolling back $17 billion in tax breaks for Big Oil and cutting states out of any royalties from new lease sales off their coasts. Democrats see their proposal as a compromise, a way to expand offshore production in an environmentally responsible way. Last week, House Speaker Nancy Pelosi and Senate majority leader Harry Reid both said they would allow votes on proposals to expand oil and gas drilling off the coasts of Virginia, the Carolinas, and Georgia. That represents a shift for Speaker Pelosi, who in the summer vowed to block a vote on lifting the offshore-drilling ban. Republicans, though, see the proposed caveats as undermining their aim to drill as much oil as fast as possible. "Drill, baby, drill" emerged as a GOP rallying cry at their party's national convention earlier this month. House Democrats are expected to release details of their comprehensive energy proposal this week. The bill is expected to give states the option of permitting drilling at least 50 miles off their shores. Even when states refuse consent, Washington could authorize drilling at least 100 miles offshore....

No comments: