Bill Would OK Offshore Drilling

Law360, New York (May 23, 2007, 12:00 AM EDT) -- With gas prices creeping toward $4 per gallon, Rep. Ron Paul (R-Texas) introduced legislation Monday that, if passed, would increase offshore oil drilling and provide incentives for new refinery construction.

Those measures, along with others outlined in the “Affordable Gas Price Act,” would help lower prices at the pump, Paul claimed.

“High fuel costs retard economic growth and diminish the quality of life for all Americans,” the bill said.

It added that the trucking industry has been particularly hard hit.

The bill said that price controls...
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