Markets & Finance  Oil and Gas: Drilling for a Compromise  Now
that both houses of Congress have passed bills opening up the
U.S.'s outer continental shelf to drilling, oil and gas
companies are celebrating, right?   The tough battle still lies
ahead. And the whole tale starkly illustrates the challenges
business faces navigating the political shoals of Washington.
WIDE GAP IN BILLS. For starters, companies and industry groups
lobbied hard for a Senate bill that fell far short of what they
wanted. The 8.3 million acres of offshore waters opened to
drilling under the bill are so small that "it's a big nothing-
burger," scoffs one Senate Energy Committee staffer.  Meanwhile,
the House bill is no beauty queen either. It would allow massive
drilling. But it's so full of dubious provisions, such as
dramatically reduced environmental protections, that lobbyists
are hoping people don't read the fine print. "The House bill is
one of the most undercovered crimes in recent legislative
history," says a top House aide.