White House threatens to veto oil drilling legislation

The White House on Thursday threatened to veto legislation being considered by the U.S. House of Representatives that would force oil companies to give up undrilled federal leases and ban the export of crude drilled in Alaska.

The bill, which the House was to vote on later on Thursday, has a “use it or lose it” provision that requires oil companies to diligently develop their existing federal leases or turn them back to the government before they could obtain new acres to drill.

Reuters