Coastal Petroleum

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Gov. Jeb Bush and the Cabinet approved today an over $12 million deal that would protect the last of Florida's waters from oil drilling and end 15 years of litigation.

Coastal Petroleum is the company that owns the last of the offshore drilling leases the state issued in the 1940s. It'll receive the money in exchange for dropping efforts to drill along the state's West coast. Coastal has fought to be compensated, or allowed to drill, since 1990, the year the state banned offshore drilling.

Bush applauded the agreement, and said he hopes the state's protections will eventually be extended into federal waters. The deal is a victory for Bush, who has fought to prevent drilling off the state's shores even while President Bush has tried to extend drilling in other states.