Fred Business News - Sen. John McCain on Tuesday will propose lifting the ban on offshore drilling as part of his plan to reduce dependence on foreign oil and help combat rising gas prices.
"The stakes are high for our citizens and for our economy, and with gasoline running at more than four bucks a gallon, many do not have the luxury of waiting on the far-off plans of futurists and politicians," McCain will say Tuesday in Houston, Texas, according to excerpts of his speech released by his campaign.
"We have proven oil reserves of at least 21 billion barrels in the
McCain's plan would let individual states decide whether to explore drilling possibilities.
The proposal could put McCain at odds with environmentalists who say it doesn't fit in with his plans to combat global warning. California Gov. Arnold Schwarzenegger, a McCain ally, is also opposed to offshore drilling.
Florida Gov. Charlie Crist had expressed opposition exploring the coastal waters, but he said this week he supports McCain's plan to lift the moratorium and would not rule out letting his state choose to drill offshore.
"It's the last thing in the world I'd like to do, but I also understand what people are paying at the pump, and I understand the drag it is on our economy," Crist told the St. Petersburg Times. "Something has to be done in a responsible, pragmatic way."
The current law, which has been in effect since 1981, covers most of the country's coastal waters.
Many officials from coastal states oppose offshore drilling because of the risk of oil spills that can spoil beaches. Environmentalists want offshore drilling to stop to protect the oceans from further pollution.
Source; Cnn.com
About Fred: Fred is president of The I Team Organization. With a back ground in agriculture Fred has lead many successful business ventures.
