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NAM applauds lifting of ban on offshore drilling.

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October 3, 2008 - According to NAM President John Engler, by lifting ban on offshore drilling, Congress has taken first step to reduce inflationary pressures and is sending clear signal to oil and gas markets that they are serious about allowing more off-shore drilling and lowering costs for consumers and businesses. NAM calls on Senate to join House and move forward in bipartisan manner to lift OCS ban on drilling, which is part of commonsense solution to America's energy crisis.

NAM Applauds Lifting of Ban on Offshore Drilling as Step Toward Energy Independence, Lower Prices


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National Association Of Manufacturers (NAM)
1331 Pennsylvania Ave. N.W.
Washington, DC, 20004
USA



Press release date: September 24, 2008

WASHINGTON, D.C., Sept. 24, 2008 - The National Association of Manufacturers (NAM) today applauded action by the U.S. House of Representatives to lift its long-standing congressional ban on offshore drilling on the Outer Continental Shelf (OCS) as, "a significant part of the overall solution for the energy crisis," and urged the Senate to follow suit.

"As America faces increasing economic uncertainty, it is more imperative than ever that every opportunity be taken to reduce the cost of energy," said NAM President John Engler. "An appropriate place to start is by increasing our domestic energy supply by providing access to our vast domestic resources on the OCS.

"By lifting the ban on offshore drilling, Congress has taken the first step to reduce inflationary pressures and is sending a clear signal to the oil and gas markets that they are serious about allowing more off-shore drilling and lowering costs for consumers and businesses," said Engler.

"The NAM has been calling for more environmentally-sound offshore drilling for years as essential to a comprehensive, long-term U.S. energy policy. The lifting of this ban is long overdue," he continued.

Located in the United States, the OCS contains more than 420 trillion cubic feet of natural gas - enough to heat approximately 100 million American homes for 60 years. The OCS also contains an estimated 86 billion barrels of oil.

"Congressional action on the OCS, in conjunction with the Senate-passed energy tax extenders package, provides a structural blueprint for a comprehensive energy plan that we will continue to press the next Congress to support," Engler said.

"We call on the Senate to join the House and move forward in a quick, bipartisan manner to lift the OCS ban on drilling. Ending the ban on offshore drilling is part of a commonsense solution to America's energy crisis that could produce enough oil to match our country's current production for close to 10 years," Engler concluded.

The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at www.nam.org for more information about manufacturing and the economy.
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