Donger on Suicide Watch: Oil Nears $100 a Barrel

[jjchieffan]

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Pelosi's bill keeps the federal prohibition on energy production in place for the first 50 miles. It gives the states the option of opening up from 50 to 100 miles for exploration, but does not offer revenue sharing, depriving states like Virginia the incentive to actually opt in," said Drake.

"Since 88 percent of the known oil and natural gas reserves are inside 50 miles and portions of the OCS [outer continental shelf] beyond 100 miles production may not be economically viable, almost 88 percent of our natural resources would be permanently locked away," she said.