Tax Break Bill May Open Gulf of Mexico to Oil and Gas Drilling

[nam78_two]

:grr: :grr: :grr:


http://www.washingtonpost.com/wp-dyn/content/article/2006/12/07/AR2006120700895.html?nav=hcmodule

Tax Break Bill May Open Gulf Drilling

By H. JOSEF HEBERT
The Associated Press
Thursday, December 7, 2006; 1:19 PM

WASHINGTON -- An agreement on a tax package Thursday moved Congress closer to opening a vast area in the Gulf of Mexico, 125 miles south of Florida's panhandle, to oil and gas drilling.

Both the House and Senate attached the drilling legislation to a package of popular tax measures expected to win approval by week's end as Republicans wrap up the 109th Congress and turn control over to Democrats next year.


The drilling legislation also revamps revenue sharing from Gulf oil and gas production, sending hundreds of millions of dollars to four Gulf states for restoring coastal wetlands and repairing hurricane damage.

Environmentalists opposed the measure, calling it a gift to large oil companies. Drilling supporters _ including a cross-section of the business community _ argued it would provide access to badly needed energy resources, especially natural gas, and perhaps drive down prices.

The 8.3 million acres that would be opened to drilling are believed to contain 1.3 billion barrels of oil and 6 trillion cubic feet of natural gas, enough gas to heat 6 million homes for 15 years. The country uses about 21 million barrels of oil a day.

The drilling area was carefully crafted to gain support of Florida's lawmakers, with its eastern edge more than 200 miles from state beaches.

[Lasthorseman]

1. Which is why

America needs a Berlin Wall
http://www.nascocorridor.com/