Quote:
Originally Posted by luv n tpa
Bush to lift symbolic offshore oil ban
Posted: 10:19 AM ET
WASHINGTON (CNN) — President Bush will announce Monday he is lifting an executive ban on offshore oil drilling, the White House said.The move is largely symbolic because there is also a federal law banning offshore oil drilling. Bush has been pushing Congress to repeal the law passed in 1981.
Bush’s father, President George H.W. Bush, signed the executive order in 1990.
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Besides the law, there is also a matter of production equipment.
Or lack of it.
The ships that are used, that are needed for deep sea exploration and drilling do not currently exist. The ones that do are in use and new ones are still in dock yards in China being built.
Than there is the matter of once the oil is found and drilled, where does it go?
Companies can sell it anywhere they wish to, just because it is found off of US does it mean that it will go to US market.
And where ever it does go, what about the refineries?
Are there any more of them being built?
List could go on further but as OP said, this is all rather largely symbolic.
FYI:
1958: Gas was .30
2008: Gas over $4.00
Per AutoWeek as part of their 50th anniversary issue.
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