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Schwarzenegger Wants Oil Drilling Project Revived

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May 14, 2009 9:10 pm US/Pacific

Schwarzenegger Wants Oil Drilling Project Revived

Environment & The Green Beat

LOS ANGELES (CBS 5 / AP) ―

Click to enlarge 1 of 1: Offshore oil rig.

In his latest budget proposal, Gov. Arnold Schwarzenegger is pushing legislation that he says would raise $1.8 billion for cash-strapped California by allowing the first new oil drilling project off the state's coast in 40 years.

The governor's proposal would revive a project that had been rejected by the State Lands Commission in January.

Schwarzenegger said the proposal that would expand drilling off Platform Irene in the Santa Barbara Channel would not violate the terms of the state's offshore oil drilling moratorium.

Last year, a group of anti-oil environmental groups threw their support behind the project after hammering out a confidential agreement with the oil company, Houston-based Plains Exploration & Production, in exchange for money for the state, thousands of acres of land and a commitment to shut down its operations countywide in 14 years.