Over the past year, crude oil prices have nearly doubled, reaching record levels. Proposals before Congress include a number of legislative initiatives to increase domestic oil production. These proposals have fallen into two broad categories: (1) to open areas of the Outer Continental Shelf (OCS) which are currently under leasing moratoria; and (2) to encourage companies holding oil and gas leases to diligently develop leases to bring them into production. Proponents of these initiatives argue that promising areas should be open for exploration to maximize domestic oil production as quickly as possible. However, there are long lead times and often …
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Description
Over the past year, crude oil prices have nearly doubled, reaching record levels. Proposals before Congress include a number of legislative initiatives to increase domestic oil production. These proposals have fallen into two broad categories: (1) to open areas of the Outer Continental Shelf (OCS) which are currently under leasing moratoria; and (2) to encourage companies holding oil and gas leases to diligently develop leases to bring them into production. Proponents of these initiatives argue that promising areas should be open for exploration to maximize domestic oil production as quickly as possible. However, there are long lead times and often numerous considerations and constraints in getting federal oil and gas leases from the lease sale into production. Many leases never get explored before their primary lease term expires.
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Congressional Research Service Reports
The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.
Humphries, Marc.Oil Development on Federal Lands and the Outer Continental Shelf,
report,
August 6, 2008;
Washington D.C..
(https://digital.library.unt.edu/ark:/67531/metacrs10778/:
accessed April 24, 2024),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.