The Oil Drum, always an excellent resource, offers some analysis of the recent House bill on offshore drilling. The permitted range (betwen 50 and 100 miles offshore) is not believed to contain very much oil. It's not a particularly attractive deal for anyone, but especially not the oil companies, who stand to lose significant tax benefits. One oil industry representative says, "You would just open a door to an empty room at the end of a very long hallway."
“You would just open a door to an empty room at the end of a very long hallway,” said Brian Kennedy, spokesman for the Institute for Energy Research, an organization funded by the oil industry.
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