by Stephanie Crosby
President Barack Obama is set to announce today a proposal to allow offshore oil drilling along some previously restricted portions of U.S. shoreline. Congressman John Yarmuth of Louisville says he favors the move, which is seen as a compromise with Republicans as a climate bill is debated on Capitol Hill.
Under the proposal, a large part of the Atlantic coastline would be opened for drilling, as well as part of the eastern Gulf Coast and the north shore of Alaska.
Yarmuth, a Democrat, says also wants to see some specifics.
“The only concern I’ve always had is that we make sure that when we sell the rights to drilling wherever it may be, that we put a requirement on those oil companies to actually explore and drill,” says Yarmuth, “because what’s happened in many instances is, they take the permits and they never act on them.”
Yarmuth says he suspects the oil companies would rather hold the permits to offshore drilling sites, but keep prices for their existing resources high.