NAM welcomes lifting of ban on offshore drilling.
Press Release Summary:
According to Jay Timmons, NAM Executive VP, NAM is encouraged by action of President and urges Congress to show equal resolve by moving forward in positive and bi-partisan manner to lift ban on offshore exploration. Located in U.S, Outer Continental Shelf contains estimated 86 billion barrels of oil, and more than 420 trillion cu-ft of natural gas, enough to heat approximately 100 million American homes for 60 years.
Original Press Release:
NAM Welcomes Lifting Of Ban On Offshore Drilling
NAM SAYS LIFTING BAN ON OFFSHORE DRILLING WILL INCREASE DOMESTIC ENERGY SUPPLY
OCS Has Enough Natural Gas TO Heat 100 Million Homes for 60 Years
WASHINGTON, D.C. July 14, 2008 - The National Association of Manufacturers (NAM) today praised President Bush for lifting the executive ban on offshore drilling on the Outer Continental Shelf (OCS). "We are encouraged by the actions of the President and urge Congress to show equal resolve by moving forward in a quick, positive, and bi-partisan manner to lift its ban on offshore exploration," said Jay Timmons, NAM Executive Vice President.
"This country is facing an energy crisis," Timmons said. "It is imperative that every opportunity to reduce the cost of energy be taken. An appropriate place to start is by increasing our access to domestic resources."
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. "Providing access to these domestic energy resources will send a signal to the rest of the world that the U.S. is serious about easing the burden faced by American consumers and manufacturers," Timmons said.
"The President today has demonstrated the commitment of his administration to increasing domestic energy supply by lifting the Presidential moratorium on offshore drilling in the OCS. Now it is Congress' turn," said Timmons.
"The energy crisis is seeping into every part of our daily lives in America," Timmons said. "Seniors and those on fixed incomes are struggling to pay their home heating and cooling bills; families are reprioritizing their budgets in order to pay for gas at the pump; and manufacturers are being forced to make difficult choices in order to keep their doors open. Lifting the Presidential and Congressional bans on offshore energy development is one commonsense solution that could produce enough oil to match America's current production for close to 10 years."
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.
CONTACT: HANK COX (202) 637-3090
