US lifts offshore drilling ban in symbolic move

US: US President George W. Bush on Monday lifted a White House ban on offshore drilling to try to drive down soaring energy prices, a largely symbolic bid unlikely to have any short-term impact on high gasoline costs.

With prices at the pump over $4 a gallon, Bush pushed the Democratic-controlled Congress to expand offshore oil and natural gas drilling in the Outer Continental Shelf and give oil companies access to the Arctic Wildlife National Refuge.

High gasoline prices and soaring food prices have irked American consumers in a presidential election year, when Bush’s Republicans are trying to keep the White House and wrest control of Congress back from Democrats.

“Today, I’ve taken every step within my power to allow offshore exploration,” Bush told reporters. “This means the only thing standing between the American people and these vast oil resources is action from the U.S. Congress.”

Congress too has a ban on offshore drilling and while it expires on Sept. 30, it could be renewed. Plus, federal officials say it would take years for any oil to be produced in those areas, together making Bush’s move largely symbolic.

Washington, Tuesday, Reuters