DOLE STATEMENT ON PRESIDENT'S LIFTING OCS ENERGY EXPLORATION BAN
U.S. Sen. Elizabeth Dole made the following statement responding to the President's decision to lift the Executive Order banning Outer Continental Shelf (OCS) energy exploration. Now, only the Congressional ban on OCS energy exploration remains standing.
"The solution to our energy crisis is finding more and using less. Families struggling with record high gas prices can't afford for Congress to keep energy exploration options off the table."
Today, the President lifted the Executive Order banning energy exploration on the OCS, which has been in effect since 1990. According to the Administration's estimate, OCS exploration could eventually result in the recovery of more than 18 billion barrels of oil.
On June 26, Senator Dole co-sponsored the Gas Price Reduction Act of 2008, which would satisfy the need for Congressional action in lifting the OCS exploration ban by giving individual states the option of utilizing their deep ocean resources.
In addition to lifting the Congressional OCS exploration ban, the Gas Price Reduction Act also confronts rising gas prices by:
-Lifting the moratorium on oil shale exploration in the Western United States;
-Increasing research and development funding for advanced batteries and electric engines; and
-Strengthening oversight of futures markets by increasing funding and staff for the Commodity Futures Trading Commission (CFTC).