UPDATE 1-Drilling expansion dead in US Congress -Sen Nelson

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WASHINGTON, May 4 (BestGrowthStock) – Plans by U.S. President
Barack Obama to expand oil drilling off the eastern coast of
the United States are “dead on arrival” in Congress after the
massive oil spill in the Gulf of Mexico, Democratic Senator
Bill Nelson said on Tuesday.

Nelson, of Florida, made the prediction to reporters at a
news conference as BP Plc (BP.L: ) was struggling to stop oil
gushing from a ruptured undersea well in the Gulf of Mexico.

Nelson and two other anti-drilling Democratic senators also
called for a huge increase in the liability oil companies must
pay to clean up environmental disasters.

A proposed climate change bill and a narrower alternative
energy bill pending in the Senate contain measures to expand
offshore drilling, incentives previously seen as crucial to
help win bi-partisan support.

Obama could have proceeded with some expanded drilling
without Congress but the leak has forced him to suspend these
plans pending a full review of the oil spill in the Gulf.

California Governor Arnold Schwarzenegger pulled his
support for expanded drilling off his state’s coast, citing the
Gulf spill. His about-face came after he had called for more
drilling off California’s coast to raise money for the state
government, which faces a $20 billion budget shortfall.

Stock Market Money

(Writing by Russell Blinch; Editing by Doina Chiacu)

UPDATE 1-Drilling expansion dead in US Congress -Sen Nelson