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Contact: Sally-Shannon Scales
202-225-4236
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Smith Co-Sponsors Legislation to Extend Offshore Leases
Washington,
Mar 10, 2011 -
Congressman Smith today co-sponsored the Lease Extension and Secure Energy (LEASE) Act of 2011, legislation to extend for one year the exploratory leases impacted by the Interior Department’s moratorium.
Smith: “Offshore energy producers who operated responsibly in the Gulf have been unfairly forced to remain idle since the drilling moratorium went into place one year ago. During this time, producers still pay expenses on the lease, without being able to continue exploration.
“The LEASE Act returns the time lost during the moratorium and provides certainty to leaseholders so that they can continue exploration without the looming lease expiration. Gasoline prices have risen 20 cents in the last week alone, and we cannot afford to unfairly penalize our domestic energy producers.”
Senators Mary Landrieu and Kay Bailey Hutchinson have introduced companion legislation in the Senate.
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