USLegal Reporter

President Bush on Monday set aside an executive order which prevents drilling of US coasts. Bush says offshore drilling and exploration is needed to lessen our reliance on oil from foreign sources. 

However, drilling can not occur unless Congress repeals a 1981 law which also prohibits the practice.

Environmentalists and officials in coastal states such as California and Florida oppose lifting the ban because of potential damage which can be done to the ecosytem including coral reefs.

Source: http://www.cnn.com/2008/POLITICS/07/15/bush.oil/

An energy bill that would have placed heavier taxes on major oil companies failed to garner enough support in the Senate today.

The Democratic proposal aimed to roll back $17 billion in tax breaks for major oil companies. It would have also placed additional tax burdens on oil companies that did not invest in alternative energy sources. 

The bill did not obtain enough votes to be taken up for full consideration. 

Source: http://www.nytimes.com/2008/06/11/business/11congweb.html?hp