House Committee Reverses Obama’s Drilling Ban

The House Natural Resources Committee has passed new legislation that would reverse President Obama's offshore drilling moratorium.

By a vote of 25-19, with bi-partisan support, the committee-which is chaired by WA Rep. Doc Hastings,  passed the bill that could have significant energy and economic impact.  From the news release:

"The bill removes the Obama Administration’s moratorium on energy production along the Atlantic Coast and Pacific Coast and implements a drill smart plan that allows energy production offshore where we have the most resources.  The plan also requires the Secretary of the Interior to conduct oil and natural gas lease sales that the Administration has delayed and cancelled and establishes a fair and equitable revenue sharing program with states."

According to information contained in the legislation,  the bill would ultimately result in greater energy independence, and could potentially create 1.2 million jobs;  not just from the projects themselves, but due to overall economic growth in all sectors due to lower energy prices and independence from foreign oil.    This bill is expected to be a part of the House Transportation Bill that is expected to be debated and potentially passed by Congress and sent to the Senate.