President Bush is expected to announce some time today the executive ban on oil drilling from the continental shelf in the Atlantic will be lifted.

This ban has been in effect dating back to the 70’s.

From the report I listened to on Fox News some 86 billion gallons of oil are out there beneath the shelf. It was also reported that over 1 million barrels of oil per day can be achieved within 15 months to 2 years.

If the president does lift the ban, it would put the ball in congresses court to follow suit and also vote to lift the ban.

I was unable to verify this little tidbit but Fox News also mentioned that soon after they mentioned the possibility of President Bush making this suspected announcement oil prices dropped by a few cents.