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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (9199)	9/11/2006 5:53:35 PM
From: Snowshoe	Read Replies (1) \| Respond to of 219431

That House offshore drilling bill is not a done deal... Tough OCS Conference Still in Play as Congress Returns rigzone.com Another question is how the White House is approaching the issue. Rep. John Peterson (R-Pa.), a sponsor of the House plan, last week told the Wall Street Journal the Bush administration has done little to advance his legislation. "It just floors me that I've gotten no help out of this White House," he said. Yet the White House has criticized provisions in the House bill that share leasing revenues with coastal states that have offshore leasing, claiming they could cost the Treasury "hundreds of billions" of dollars over six decades. The Senate plan contains more narrow coastal revenue sharing provisions than the House bill and has not attracted the same criticism from the White House. The Senate bill steers 37.5 percent of production revenues from newly opened areas to the Gulf Coast states that have offshore drilling -- Alabama, Louisiana, Mississippi and Texas. In a decade, the revenue sharing expands, and these states begin receiving the same share from leases in other gulf areas entered into after enactment of the bill. One lobbyist said there is a "squeeze play being arranged by the White House and Senate leadership" against the House measure, and that advocates of a more aggressive bill are exploring options to counter this.

To: elmatador who wrote (9199)	9/11/2006 6:00:56 PM
From: 8bits	Respond to of 219431

"On top of that: A House bill that passed 232-187 in June lifts a quarter-century federal moratorium on offshore drilling, allowing rigs within 100 miles of U.S. coastlines. States could permit drilling within 50 miles of their coasts and would receive up to 75 percent of drilling royalties - an astounding increase over the current 2 percent share to Gulf states that could worsen the federal deficit. The thing is going to get moving." As Snowshoe pointed out, it is by no means a done deal.. also apparently the Florida and California politicians (where much of the additional offshore US oil is likely to be found..) are against drilling offshore in those states.. (The power of NIMBY is very powerful in both places..) Not until gasoline hits $5 to $6 a gallon will I think it will happen..