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THE PRESIDENT: Good morning. This is a challenging time for families across our nation. I know many families are worried about rising prices at the pump and declining home values. So this week my Administration took steps to help address both these challenges.
To help address the pressure on gasoline prices, my Administration took action to clear the way for environmentally responsible offshore exploration of key parts of the Outer Continental Shelf, or OCS. Experts believe that these areas of the OCS could eventually produce nearly 10 years' worth of America's current annual oil production. So on Monday I lifted an executive branch prohibition on exploration in these areas.
Unfortunately, a full month has passed since I called on Congress to lift a similar legislative ban, and Congress has done nothing. This means that the only thing now standing between the American people and the vast oil resources of the OCS is action from the United States Congress. Bringing OCS resources online will take time, and that means that the need for congressional action is urgent. The sooner Congress lifts the ban, the sooner we can get these resources from the ocean floor to the gas pump. Democratic leaders need to show that they have finally heard the frustrations of the American people. They should match the action I've taken, repeal the congressional ban, and pass legislation to facilitate responsible offshore exploration.