WASHINGTON, D.C. – House Majority Leader Eric Cantor (R-VA) today issued the following statement on the passage of H.R. 1231,”Reversing President Obama’s Offshore Moratorium Act,” that will expand American energy production by requiring the Obama Administration to permit drilling in the most resource-rich areas of our nation over the next five years. The current moratorium on offshore development means that an estimated 2.5 billion barrels of oil is being withheld from our domestic energy supply. This legislation will open up new areas to energy development and requires the 2012-2017 offshore leasing plan to include areas with the most resources.
“While the Obama Administration continues to put up roadblocks to domestic energy production, House Republicans have passed three bills that maximize energy production, help bring down gas prices and will get people back to work. Today, the House passed the ‘Reversing President Obama’s Offshore Moratorium Act’ which will allow for energy exploration in new areas that contain the highest concentration of oil and natural gas. This legislation ensures that the Obama Administration can no longer withhold valuable energy resources necessary to increase American energy production here at home. I thank Chairman Hastings and the members of the House Natural Resources Committee for their efforts on these three energy bills the House has passed to lower gas prices and boost the economy.”