Congress Moves to Restrict Drilling, Shelves CO2 Cap
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Congressional Democrats proposed tougher rules for offshore drilling in response to the worst oil spill in U.S. history, while spurning calls to place a price on carbon emissions.
House and Senate leaders presented legislation yesterday rewriting oil and natural-gas drilling rules more than three months after a rig leased by BP Plc exploded in the Gulf of Mexico. The bills would strengthen safety and environmental standards for exploration in federal waters, give Congress direct oversight of offshore energy production, and require companies that cause spills to pay all damages.