Companies Begin Quest for Oil, Gas Off Florida

Posted on: Saturday, 5 July 2008, 12:00 CDT By Associated Press PENSACOLA, Fla. -- Oil companies once viewed drilling in the deep waters off Florida as cost prohibitive. Politicians feared even the slightest sign of support would be career suicide. No more. Record crude oil prices are fueling support for oil and natural gas exploration off the nation's shores. In Florida, movement was under way even before President Bush called on Congress last month to lift a federal moratorium that's barred new offshore drilling since 1981. The early activity here stems from a 2006 Congressional compromise that allows drilling on 8.3 million acres more than 125 miles off the Panhandle -- an area that had been covered by the moratorium, which was enacted out of environmental concerns. In exchange, the state got a no-drilling buffer along the... [read full story]