Chamber Praises House Passage of Bill to Open Up Additional Energy Resources

WASHINGTON, D.C.—The U.S. Chamber of Commerce praised the House for bipartisan passage of H.R. 4761, the Deep Ocean Energy Resources Act of 2006, which would allow America to access much-needed oil and natural gas resources located on the Outer Continental Shelf (OCS).

"As a nation, we can't bemoan high energy costs and then turn a blind eye to the abundant resources in our own backyard," said Bruce Josten, U.S. Chamber executive vice president. "We know where the energy is, and we know we can extract it in an environmentally friendly way. It only makes sense to do so."

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— enough natural gas to heat more than 72 million homes for 60 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.

While increased domestic production of oil and natural gas benefits all Americans, the bill will also help a sector of the population that is particularly vulnerable—our rural schools and communities. The bill accomplishes this by including a plan for sharing the increased revenues raised through oil and gas receipts with the states that are most impacted by oil and natural gas production.

"Like the U.S., all of the nations of the world need huge new supplies of energy and we cannot continue to ignore our domestic resources," said Josten. "If developed, these supplies would ensure that Americans have the affordable and reliable energy they needed to fuel economic growth and maintain our standard of living."

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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