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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: craig crawford who wrote (420)	7/2/2001 8:09:38 PM
From: craig crawford	Read Replies (1) of 1643

Monday July 2 7:07 PM ET Interior Says Florida Coast Off-Limits to Drilling dailynews.yahoo.com By Chris Baltimore WASHINGTON (Reuters) - The Bush administration will lease about 1.5 million acres of the eastern Gulf of Mexico to oil companies, but in a nod to Florida Gov. Jeb Bush, no drilling will be allowed near that state's shoreline, the Interior Department said on Monday. ............................................................................................................................... The leasing area contains an estimated 185 million barrels of crude oil and 1.25 trillion cubic feet of natural gas, about 44 percent of the oil and gas in the original lease area. ........................................................................................................................ Last week, the U.S. House of Representatives voted 247-164 to block drilling in Florida's offshore Gulf waters through next April in an amendment attached to the Interior Department's annual spending bill. ........................................................................................................................ ``We've been in an 18-year war against oil and gas industry that has wanted to open up our coast to drilling,'' Ferrulo said. ''Today marks a pretty significant victory and we're very happy.'' But no oil or gas will flow from the new leasing area for years. Once energy companies buy exploration rights to offshore blocks, they will need two years to conduct their own studies. Full-scale drilling could start about five years after that, said Carolita Kallaur, associate director of offshore drilling for the U.S. Minerals Management Service. It will take longer to drill because most of the oil and gas in the area is in water over a mile deep.

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