Senator Chris Dodd (D-CT) released the following statement today on the President’s announcement that he lift the presidential ban on drilling in the Outer Continental Shelf (OCS). Dodd is the co-sponsor of two bills that would require the oil companies to explore the 68 million acres of space they already lease. The Responsible Ownership of Public Land Act would charge oil companies a fee for every acre of land they lease but do not use for production.  The second piece of legislation, entitled the Responsible Federal Oil and Gas Lease Act, mandates that oil companies either produce on or seek to develop their existing federal leases, or relinquish the leases when they expire. 

“With gas prices reaching $4 a gallon nationally, people in Connecticut and across the country are hurting, they’re angry, and they want their elected leaders to do something about it. But they are also smart enough to know that the President is painting a false picture. Offshore drilling hurts our environment and does nothing to lower gas prices.

“Even the President’s own Energy Information Agency reported last year that new offshore drilling will not produce any oil until 2017. In fact, we will not reach full production until 2030. Even then it is clear that this increased production will not affect world prices.

“The President is asking for more areas to explore, yet 68 million acres are already leased by oil companies and left unexplored. Instead of continuing the policy of padding the coffers of oil executives while American families struggle, he should join me in telling these companies they can either ‘use it or lose it.’” 

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