Senate OKs expanded offshore drilling in Gulf

Dec 11, 2006 | 03:55 AM | Rory Carroll

Steel and manufacturing groups are celebrating the passage of a bill that will allow for increased exploration for oil and natural gas in the Gulf of Mexico.

The language to end the moratorium on offshore drilling was inserted into a big tax and trade bill that the Senate passed early Saturday morning. The vote brought to a close the 109th Congress.

The legislation, which President Bush is expected to sign, opens up 8.3 million acres of virgin territory 125 miles offshore and diverts more than a third of federal drilling royalties to Alabama, Louisiana, Mississippi and Texas for wetlands restoration and post-hurricane repair.....

Latest Pricing Trends


Are you stocking more inventory today than 18 months ago?


View previous results