U.S. Chamber Commends Passage of Bill to Access Energy Resources in the Outer Continental Shelf

Bill a "Good First Step," But More Domestic Production Needed

WASHINGTON, DC-The U.S. Chamber commended today's House passage of a bill that includes provisions that would serve as a first step in granting Americans access to oil and natural gas resources located on the Outer Continental Shelf (OCS) in the Gulf of Mexico, but urged Congress to continue its work to open this important energy resource. The OCS provision passed as part of H.R. 6111.

"With energy prices high and supplies tight, any additional domestic production is helpful," said Bruce Josten, executive vice president for Government Affairs. "Conservation and alternative energy are part of the answer, but we will never decrease our dependence on foreign oil unless we dramatically increase domestic production."

Support for developing energy resources such as OCS extends nationwide and includes many coastal areas. Recently, Americans had an opportunity to express their support for expanded production of oil and natural gas resources located on the OCS by submitting comments to the Department of the Interior's Minerals Management Service (MMS). Every five years, MMS develops a program for oil and natural gas lease sales on the OCS. This year, the MMS received more than 123,000 comments of which more than 90,000, or 75%, support the development of oil and natural gas resources located on the OCS.

"It is time for Congress to listen to the American people, and allow for the development of these critical energy resources, which can provide an affordable, reliable source of energy and decrease imports from countries that are politically unstable or hostile to the United States," said Josten. "Looking forward to 2007, the Chamber urges Congress to open more portions of the OCS to oil and natural gas development."

The OCS is estimated to contain 420 trillion cubic feet of natural gas and more than 85 billion barrels of oil. The natural gas that is located on the OCS off the lower 48 states alone would satisfy all domestic industrial and commercial needs for almost 30 years. The projected amount of oil would provide a 15-year supply of gasoline for 132 million cars and heating oil for 54 million homes.

The U.S. Chamber of Commerce is the world's largest business federation, representing more than 3 million businesses and organizations of every size, sector, and region.

www.uschamber.com

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