In a news conference today, President Bush asked Congress to lift the ban on offshore oil and gas drilling in order to get some relief at the gas pump. Senator Ben Nelson attended a joint hearing on the Financial Services Committee Tuesday. Nelson says they are studying the issue but that is not enough. We need action.
The CFTC stated that they are taking steps to take better oversight for commodities and markets, particularly with foreign exchanges that trade U-S oil. However, they just have oversight so Nelson is skeptical.
Nelson is a supporter of offshore drilling. He is also pleased to see the drills working again in Nebraska and says drilling is important right now.
Nelson says this is a short term solution but this would bring more oil to the market and it would affect the price.
The House is postponing a vote to extend the ban on offshore drilling. Democratic lawmakers are rejecting President Bush’s plan to drill offshore. Nelson says we need to work together on this issue now and this is not a time for “politics as usual”.