![]()
- Business Zeroes In On Carbon
- Millions May Have to Repay Part of Obama Tax Credit
- British Government to Make it Easier to Sue Banks
- 'Crowding Out' Will Lead to Another Recession: Advisor
- Economy Still Faces 'Significant Weakness': Fed's Hoenig
- Military Arms Race Dominates Dubai Air Show
- Hugo Chavez: US Plot Behind Tensions With Colombia
- Dow Gains 2.5% for Week; Disney Jumps
- Tax Credit Sparking First-Time Home Sales: Realtor Group
- Dow Up 100 Points, Led by Disney
MOST SHARED
- Stocks Overvalued, Recession Will Return: Meredith Whitney
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Fed Likely to Keep Rates Low Despite Dollar's Fall: Bernanke
- U.S. May Wind Up Green With Envy
- Bernanke Offers Something For Everyone
- Millions May Have to Repay Part of Obama Tax Credit
- Underwater Mortgages Could Sink Even Deeper
- U.S. Cities With The Most Underwater Mortgages
- What's Kept the Rally Going? Investor Fear, Not Confidence
- Hollywood Turns to Porn as Unemployment Rises
- What's Kept Stock Rally Going? Fear, Not Confidence
- Fed to Keep Rates Low Despite Dollar's Fall: Bernanke
- Buffett's Berkshire Hathaway Boosts Wal-Mart Stake
- Millions Could Have to Repay Part of Obama's Tax Credit
- Hollywood Turns to Porn as Unemployment Rises
- Slideshow: US Cities With Most Underwater Mortgages
- Stanford Receiver to Release Funds Of Frozen Acounts
- Solar Energy Emerges From a Dark Period
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Nov. 16: Unusual Volume Leaders
- Getting To The Heart Of The Merck-Abbott Embargo Break
- What MGM's Sale Could Say About Value of Content
- My Ratings on Lowe's & Home Depot: Analyst
- S&P Stocks Trading at New 52-Week Highs
- Snoop Dogg Talks Biz
- Paulson Funds Report Q3 Performance
- Warren Buffett's Berkshire Portfolio Snapshot Coming Later Today
- 'Blood and Business Don't Mix' — A Family Business Survival Guide
President Bush urged Congress to end a ban on offshore oil drilling, seeking to address rising consumer angst over record-high gasoline prices with a plan sure to anger environmentalists.
"Every American who drives to work, purchases food or ships a product has felt the effect, and families across the country are looking to Washington for a response," Bush said.
![]() |
As average U.S. pump prices pierced the $4-a-gallon level for the first time this month, energy policy has become a key issue in the presidential race ahead of November elections.
Bush said opening federal lands off the U.S. east and west coasts -- where oil drilling has been banned by both an executive order and a congressional moratorium since the early 1990s -- could yield about 18 billion barrels of oil.
That's enough to meet current U.S. consumption for about 2 1/2 years, but it likely would take a decade or more to find the oil and produce it.
Bush's latest drilling plan comes as lawmakers on Capitol Hill wage a war of words over who is to blame for record-high gasoline prices.
Republicans and Bush have repeatedly blamed Democrats for blocking legislation that opens offshore lands and the Arctic National Wildlife Refuge in Alaska to drilling.
"Democrats on Capitol Hill have rejected virtually every proposal, and now Americans are paying the price at the pump for this obstruction," Bush said.
About 60 percent of Americans support government moves to encourage more oil drilling and refinery construction as a way to combat soaring energy prices -- but the same number also profess to be in favor of conservation, according to a Reuters/Zogby poll released Wednesday.
Republicans, including presidential candidate John McCain who announced his position this week after opposing it in the past, increasingly support lifting the ban on offshore oil drilling.
Barack Obama who is running for president, and fellow Democrats, oppose it over environmental concerns and say such action would have little immediate impact on fuel prices.
Bush's statement was the latest in a long-running blame game between Democrats and Republicans over who shoulders the blame for high fuel prices.
"I know the Democratic leaders have opposed some of these policies in the past. Now that their opposition has helped drive gas prices to record levels, I ask them to reconsider their positions," Bush said.
Environmental groups have long opposed expanded offshore oil drilling, raising concerns about the dangers to fragile ecosystems as well potential for oilspills that could mar the U.S. coastline.
"The Bush-McCain plan is a gift to the oil companies that endangers the economic and environmental health of the Jersey Shore and our entire state," said Sen. Frank Lautenberg, a New Jersey Democrat.
Bush also proposed an end to the ban on oil shale drilling, and said the United States needs to expand its refining capacity and proposed measures to speed up federal approval of refinery building permits.
- Where, what, how.
- CNBC's Jim Goldman asks: Has the sun begun to set on Twitter? Data suggests its best days are over.
- Everyone wanted a piece of Madoff's "Bullship"--the famous buoy sold for $7,500 at auction. You won't believe these prices.
- De Loach Vineyards is selling its pinot noir the old fashioned way, helping to cut energy and transportation costs.
- Why are the Chinese concerned about the progress of U.S. health care legislation?
- CNBC's Maria Bartiromo talks to rapper Snoop Dogg about brand identity in both business and music.










