The Bush administration is urging longer-term measures to increase domestic oil production. In a speech Wednesday, June 18, President Bush called on Congress to:
Expand oil exploration in the Outer Continental Shelf, which he said could match current domestic production for almost 10 years;
Allow oil shale leasing on federal lands. Oil shale can produce oil when exposed to heat or other processes. Some estimates are that the Green River Basin of Colorado, Utah and Wyoming hold the equivalent of 800 billion barrels of recoverable oil;
Permit oil exploration in the Arctic National Wildlife Refuge; and
Expedite the refinery permitting process to allow for an expansion of refining capacity.
“With these four steps, we will take pressure off gas prices over time by expanding the amount of American-made oil and gasoline,” Bush said.
