The Biden administration's failure to pursue a plan for offshore oil and gas leasing will have long-term impacts on American jobs, gross domestic product, and energy security, an industry report found.
American oil production would decline by roughly 500,000 barrels per day and at least 57,000 energy industry jobs would be lost if the administration declines to issue a five-year leasing plan by July, according to a report published Tuesday by the American Petroleum Institute and the National Ocean Industries Association.
The Department of the Interior is required, under the Outer Continental Shelf Lands Act of 1953, to formulate and publish five-year plans detailing prospective offshore oil and gas lease sales.
Without a plan in place, the federal government would be unable to hold any offshore lease sales.
The Biden administration hasn't moved forward on a new plan even as the current one is set to expire in June, according to a recent Congressional Research Service report.
"The president has repeatedly said his administration is using every tool at its disposal to address rising energy costs and, recently, the administration began acknowledging for the first time the need for more American oil and gas production," Frank Macchiarola, the American Petroleum Institute's senior vice president of policy, economics, and regulatory affairs, said during a press briefing Tuesday.
"The Biden administration's lack of progress on offshore leasing is a clear example of the large gap between rhetoric and reality," he added.
Thursday, March 31, 2022
Report Warns of Massive Job Losses From Biden's Anti-Drilling Agenda
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