House votes to end offshore drilling ban

Loss of federal revenue
The Interior Department estimated that the changes could cost the federal government as much as $69 billion in lost royalties over 15 years and “several hundred billion dollars” over 60 years.

The White House issued a statement saying it favors much of the bill but strongly opposes the changes in royalty revenue sharing, which it said “would have a long-term impact on the federal deficit.”

The Interior Department estimates there are about 19 billion barrels of recoverable oil and 86 trillion cubic feet of natural gas beneath waters under drilling bans from New England to southern Alaska.

Supporters of the drilling moratorium argue there’s four times that amount of oil and gas available in offshore waters open to energy companies, mainly in the central and western Gulf of Mexico and off parts of Alaska. And they say energy companies are only developing a fraction of the government leases they have available to them.

The country uses about 21 million barrels of oil a day.

While critics of the offshore drilling restrictions argue the additional oil and gas is needed if the country is to move toward greater energy independence, supporters or the bill fear energy development could despoil coastal beaches and threatens their recreation and tourism based economies.

“Our beaches and our coastline is what is critical to Floridians,” declared Rep. Jim Davis, D-Fla. “We should not be sacrificing our economy, our environment for a little oil and gas.”

Pombo countered that drilling still would be prohibited within 50 miles of shore under the bill and states could extend the ban up to 100 miles. He ridiculed the bill’s critics as “opposing everything” when it comes to increasing domestic energy production.

“You can’t say no on everything,” Pombo proclaimed.

Rep. Lois Capps, D-Calif., said states would have to overcome numerous hurdles to continue the drilling restrictions, including having state legislatures and the government seek such protection every five years.

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