Democrats Anti-Competition Energy Bill

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.

"By blocking some firms from competing for new leases, this legislation would further increase gasoline prices that already exceed $4 per gallon and result in unintended consequences due to litigation," the White House said in a statement.

DKK
Reuters -- White House threatens to veto drilling legislation.