The latest oil drilling bill

In a nut shell, here is what the newest oil drilling bill from House Speaker Nancy Pelosi will do (italics added for emphasis):

A: This bill permanently bans all drilling within 50 miles of the US coast, which just happens to be where most of the recoverable oil and gas reserves are. It permits drilling between 50 and 100 miles out only if the adjoining states agree - which they won't, since the bill denies them any share in the royalties the oil companies would have to pay, thereby eliminating any financial incentive for a state to say yes. Virtually all the oil off the California coast and beneath the Eastern Gulf of Mexico would be locked up for good. Don't be fooled: The only offshore drilling this bill really opens the door to would have to be 100 miles or more out to sea, where the oil companies have no infrastructure.