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Bush's move was immediately condemned by environmentalists who said drilling would not end U.S. dependence on oil or cut the prices at the pump.
"The solutions to this problem are not off our coasts," Athan Manuel, director of lands protection for Sierra Club, said. "The U.S. does not contain enough oil to influence the world market."
The presidential offshore drilling ban was instituted by Bush's father, George Bush, in 1990 and was later extended by President Bill Clinton and was set to expire in June 2012. Most offshore drilling is allowed in the Gulf of Mexico, off the coasts of Texas, Louisiana, Mississippi and Alabama, but not Florida.
"The president cruelly is misleading Americans for attempted political gain," said Sen. Bill Nelson, a Florida Democrat. "He knows ruining our coastlines won't bring down gasoline prices nor solve our energy challenges."