The American Trucking Assns. (ATA) has praised the Bush Administration for lifting the executive moratorium on offshore drilling. ATA now urges Congress to lift its ban on offshore drilling, which the trucking lobby said would help reduce U.S. dependence on foreign oil and curb fuel prices.
“We need the ability to explore new, untapped areas for domestic energy supplies,” said ATA president & CEO Bill Graves. “The U.S. has an opportunity to improve our energy situation and continue to support economic growth, while providing consumers and businesses with the essential energy they need.”
U.S. companies hope to drill for oil and natural gas on the Outer Continental Shelf, 100 miles off the U.S. coast, which ATA said contains at least 18 billion barrels of oil and 76 trillion cubic feet of natural gas.
According to ATA, wells in the Central and Western Gulf of Mexico supply 30% of the oil and 20% of the natural gas produced in the United States, but resource rich areas remain under moratoria, preventing further exploration and production.