Gulf of Mexico energy bill approved by Congress
Industrial Distribution staff -- Industrial Distribution, 12/22/2006 9:30:00 AM
Following approval in the House, the Senate overwhelmingly approved the Gulf of Mexico Energy Security Act before adjourning for the year earlier this month.
The Senate approved the measure on a 79-9 vote. The bill will open up areas in the Gulf of Mexico to oil and natural gas drilling.
Revenues from the drilling will be shared among the energy-producing states in the Gulf region for wetlands restoration, hurricane protection and other environmental projects.
The measure passed in the House (367-45) after it was attached as a provision to a package of tax breaks.
The bill will open more than eight million acres in the Gulf of Mexico that had been off-limits to drilling.
Energy officials estimate that as many as 1.3 billion barrels of oil and 6 trillion cubic feet of natural gas could be found, the Washington Post reported.
The National Electrical Manufacturers Assn. was among the supporters of the measure.
“The bill will bolster this nation’s energy security,” said NEMA president
Evan Gaddis, “and help provide future domestic energy resources crucial to our
members’ continued economic vitality.”
NEMA and supporters of the
bill had pointed to the growing need for more natural gas and the potentially
fertile sources that exist in the Gulf of Mexico.
“More resources should be made available for expeditious and orderly expansion, subject to the environmental safeguards in place that ensure responsible offshore development,” said Gaddis.
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