U.S. Chamber Applauds Bush Administration for Increasing Opportunities for Domestic Energy Production

WASHINGTON, DC-Saying it will increase opportunities for domestic energy production to meet escalating demand, the U.S. Chamber of Commerce today applauded the U.S. Department of Interior for modifying the leasing status of two areas on the Outer Continental Shelf (OCS), Bristol Bay, Alaska and an area in the Central Gulf of Mexico.

"Allowing the development of new oil and gas production in the Outer Continental Shelf is an important step in meeting the energy needs of a growing nation," said Bruce Josten, U.S. Chamber executive vice president for Government Affairs. "This decision, along with recent legislation allowing additional exploration in a portion of the Gulf of Mexico, underscores the growing realization among policymakers that increasing domestic production is an important component of breaking our dependence on foreign oil."

In 1998, President Clinton withdrew the two areas from consideration for leasing through 2012. By modifying that withdrawal, the Secretary of the Interior can now offer these areas for oil and gas leasing during the Minerals Management Service's (MMS) next five-year OCS program.

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 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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