Supporters of Offshore Drilling Eyeing Area Off Florida's Coast

Two senators from oil producing states have introduced legislation that would bring oil drilling to within 45 miles of Florida's Gulf coast. The bill sponsored by Sens. Lisa Murkowski, R-Alaska, and Mary Landrieu, D-Louisiana, would effectively void a 2006 law crafted by Florida's congressional delegation, which put a massive swath of federal waters close to the state off limits until at least 2022. The sponsors said Monday the legislation would benefit states by giving them a cut 37.5 percent of the revenue from offshore oil and gas exploration off their coasts.....Complete Story

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Chevron's $27 Billion Problem

Sometime later this year a judge in the sleepy Ecuadoran town of Lago Agrio is likely to sock Chevron Corp. with as much as $27 billion in damages over pollution left over from oil drilling by Chevron's Texaco unit in the 1970s and 1980s. The funny part is, Chevron (CVX-news-people) wanted it this way. When the case was originally filed in New York in 1993, Texaco, then an independent company, argued it would be fairer to hear it in Ecuador.....Complete Story