A bill that would have required oil companies to drill on leased land they already hold before seeking new conquests failed in the House of Representatives Thursday. The legislation’s “use it or lose it” provision would have required that oil companies exhaust oil exploration on already-leased land before acquiring new acreage. The legislation also would have required a yearly auction of leases in Alaska’s National Petroleum Reserve. Democrats introduced the bill under rules that disallowed any additional amendments but required a two-thirds majority in the chamber. The vote was 244 to 173, split largely along party lines; many Republicans said they would have given the thumbs-up if the bill had included a provision to open coastal areas to offshore drilling.
