Congress takes up offshore drilling bill
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Congress is making a final push to open a large area of the eastern Gulf of Mexico to oil and gas drilling, aware the Democratic majority next year is less likely to embrace new offshore energy development.
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The Senate sent legislation to President Bush early this morning that expands offshore oil drilling and preserves a variety of popular tax breaks for families and businesses.
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The leading offshore driller's backlog is as dynamically positioned as its drillships.
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A presidential commission has modified its proposal for a trust fund that would use up to &#36;4 billion in annual offshore oil and gas royalties to safeguard oceans and coastal areas. The change was to answer governors' fears the idea might spur more drilling off their coasts.
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Republican leaders in the U.S. House  of Representatives on Tuesday called off a vote on a limited  offshore oil and natural gas drilling bill which would open 8.3  million acres in the Gulf of Mexico off Florida.
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Democrats in the U.S. House of  Representatives on Friday introduced a bill that would rescind  billions of dollars worth of tax incentives extended to U.S.  energy companies and put the money into a fund earmarked for  renewable energy.
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The House voted overwhelmingly yesterday to expand offshore oil drilling and preserve a variety of popular tax breaks for families and businesses, but the wide-ranging last-minute package faced serious opposition in the Senate from lawmakers angry about trade provisions and its $50 billion cost.
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Republican leaders in the U.S. House  of Representatives, who will yield to a Democratic majority in  January, on Friday agreed to allow a vote on a limited offshore  oil and natural gas drilling bill, which would open 8.3 million  acres in the Gulf of Mexico off Florida.
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The U.S. Congress comes back to town  next week to sift through the pieces of the latest oil patch  disaster -- pipeline corrosion that threatened to shut down the  giant Prudhoe Bay oil field in Alaska.
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When oil prices punched through $75 a barrel and gasoline topped $3 a gallon five months ago, members of Congress offered a raft of proposals, ranging from more U.S. drilling to windfall profits taxes to antitrust investigations. They railed against oil executives' pay packages, and some called for...
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Legislation to tighten rules on  approving foreign takeovers of American companies has stalled  in the U.S. Congress until after the November elections, House  and Senate lawmakers said on Friday.
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Florida U.S. Sen. Bill Nelson says he would start a filibuster in the Senate to block a measure on offshore drilling if it passes the House, which is expected to vote on the bill this week.
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How Two Conservative Members of Congress Plan to Jump-Start Flagging  Legislation
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A bipartisan group of U.S. lawmakers on Tuesday pushed for new rules to stop American companies from buying illegally logged timber plundered from fragile forests around the world.
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Congress looks set to tackle energy legislation -- again.
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Abandoning months of opposition, House Republicans agreed Friday to move an offshore drilling bill that would open new territory in the Gulf Coast to oil rigs but would not ease restrictions on coastal waters elsewhere.
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Congress approved expanded offshore drilling in its final hours, giving energy companies access to oil and natural gas deposits in a vast area once off limits in the Gulf of Mexico.