Bush Symbolically Lifts Ban On Offshore Drilling

Law360, New York (July 14, 2008, 12:00 AM EDT) -- President Bush on Monday lifted an executive ban on offshore oil drilling. The move was largely symbolic, however, as Congress would need to lift a similar legislative ban before drilling could actually take place.

Bush has been looking to ramp up domestic production for years. He said at a press conference that restricted areas off the Atlantic and Pacific coasts and in the Gulf of Mexico could eventually produce enough oil to supply all of America's needs for roughly 10 years.

“To reduce pressure on prices...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.