Gulf of Mexico Oil Discovery Underscores Need for Lease Sale 181
September 5, 2006
10:15 AM
Washington, D.C. – The announcement today of newly-discovered oil and gas resources in the Gulf of Mexico underscores the need for final passage of the Gulf of Mexico Energy Security Act, the OCS bill approved 71-25 by the Senate in July.
Chairman Domenici’s statement:
“The discovery of new oil reserves in the Gulf of Mexico underscores the need to develop Lease Sale 181 and regions south of there. Chevron estimates that recent discoveries in the Gulf, including the one announced today, could boost U.S. supplies by 50 percent. Imagine what that could do for pump prices in the future. Imagine what other resources we have in this region.
“With oil prices hovering near $70 a barrel and gas prices at $3 a gallon, it is past time to expand our exploration of this region. I urge the House to join us in opening Lease Sale 181 and Lease Sale 181 South for environmentally responsible oil and gas development. It’s not enough to punt 181 to the Mineral Management Services. MMS first proposed opening Lease Sale 181 in 1997 and the country is still waiting.”
