Biden admin cancels massive oil and gas lease sale amid record-high gas prices

The Biden administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior Wednesday, as Americans face record-high prices at the pump, according to AAA.

The DOI halted the potential to drill for oil in over 1 million acres in Alaska’s Cook Inlet, along with two lease sales in the Gulf of Mexico. The move comes as Biden has taken a few actions to combat high gas prices, despite his administration’s generally hostile approach to the oil industry.

A DOI spokesperson cited a “lack of industry interest in leasing in the area” for the decision “not to move forward” with the Cook Inlet lease sale, CBS News reported. The spokesperson also said the department canceled the Gulf of Mexico leases – lease 259 and lease 261 – due to “conflicting court rulings that impacted work on these proposed lease sales.”

Federal law requires DOI to stick to a five-year leasing plan for auctioning offshore leases. The department had until the end fo the current five-year plan – due to expire on June 30 – to complete the sales.

MORE

Spread the love
                
By Published On: May 13, 2022Categories: AP Staff, FinanceComments Off on Biden admin cancels massive oil and gas lease sale amid record-high gas prices

Share This Story, Choose Your Platform!

About the Author: NC Scout

NC Scout is the nom de guerre of a former Infantry Scout and Sergeant in one of the Army’s best Reconnaissance Units. He has combat tours in both Iraq and Afghanistan. He teaches a series of courses focusing on small unit skills rarely if ever taught anywhere else in the prepping and survival field, including his RTO Course which focuses on small unit communications. In his free time he is an avid hunter, bushcrafter, writer, long range shooter, prepper, amateur radio operator and Libertarian activist. He can be contacted at [email protected] or via his blog at brushbeater.wordpress.com .

GUNS N GEAR

Categories

Archives

Spread the love