Joe Biden is trying to have his cake and eat it too as he shuts down exploration and production of oil and gas on onshore federal lands while acknowledging the importance of fossil fuels in the U.S. energy landscape.
The Oil Price dot com website reported on the Biden Administration shutting down lease sales for offshore oil and gas in the Gulf of Mexico as prices for the fossil fuels soar.
The drop of $370 million, Bloomberg notes, is the typical haul for the government from two oil and gas lease auctions in the Gulf of Mexico.
"A delay in the offshore oil and gas leasing program could mean nearly 500,000 barrels per day produced here in the US. At a time of geopolitical uncertainty and rapidly rising energy prices, Gulf of Mexico oil and gas production is more important than ever," NOIA said.
The administration once again has a fundamental misunderstanding of how leases work, The percentage of producing leases is at a two-decade high, with nearly two out of three leases producing natural gas and oil.
Biden faces political pressure to show he is tackling high gas prices, and he sought to deflect voters' anger, blaming Russian President Vladimir Putin for launching the war against Ukraine and citing oil companies for leaving drilling prospects idle and land untapped.
Saying some U.S. oil companies are putting profits over production, he called on Congress to impose fees on companies that do not take full advantage of the leases allowing them to extract oil from federal land.
Friday, April 1, 2022
Biden Nixes Offshore Oil Leases Thru 2023 While Tapping Oil Reserve
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