President Bush announced Monday that he will lift the presidential ban on offshore drilling, though the move is unlikely to trigger any new oil exploration, as there is still a Congressional ban.
Bush called on Congress to lift their ban as well, claiming that more drilling will reduce gasoline prices, a claim which is dubious as oil companies currently are not making use of all the fields to which they have access and new supplies would not reach the pumps for close to a decade, by which time global demand will be much higher than it is now.
Democratic presidential hopeful Senator Barack Obama’s campaign quickly condemned the move. "It would merely prolong the failed energy policies we have seen from Washington for thirty years," spokesman Bill Burton said.
Republican rival John McCain supported Bush’s decision. He recently reversed his previous opposition to offshore drilling to say the states should decide whether or not to allow it. He reinforced that position on Monday.
Congress is likely to renew it’s ban on offshore drilling before it expires in September.
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