With oil prices hovering around $4 a gallon, President Bush recently lifted the executive portion of the Outer Continental Shelf Moratorium on offshore oil drilling. This moratorium bans new drilling along the United States’ Atlantic and Pacific coasts, the northern coast of Alaska, and the Gulf coast of Florida, although a few companies who acquired rights before the 1981 implementation of the moratorium have permission to drill in certain areas under a grandfather clause.
There is no moratorium on drilling along the Gulf coasts of Alabama, Louisiana and Texas, where hundreds of oil platforms pierce the horizon. The royalties alone from oil drilling provide the state of Alabama with $500 million a year.
Republicans, McCain Change Position on Coastal Drilling
The Congressional component of the moratorium is still intact – for now. However, key Republicans have shifted their stance on the ban as popular discontent over high prices intensifies. These include Florida governor Charlie Crist, who only months ago supported the ban, and Senator John McCain, who also supported the ban during his 2000 presidential campaign.
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