Free Trial

Biden Admin Decision On Alaska Oil Project Could Come This Week


Ryan Lance, CEO of oil producer ConocoPhilips, has told reporters he expects a Biden Administration decision on the Alaskan Arctic oil "Willow project" to come this week.

  • Reuters: "The Willow project is a [USD]$6 billion project... inside the National Petroleum Reserve-Alaska, a 23 million-acre (93 million-hectare) area on the state's North Slope that is the largest tract of undisturbed public land in the United States. The area holds an estimated 600 million barrels of oil."
  • The project, initially greenlit by the Trump Administration, was stalled by an Alaskan federal judge in 2021 due to environmental concerns.
  • National environmental group the Sierra Club said in a February: "The Willow project would have a devastating effect on public lands and our climate, and approving it after passing the largest climate bill in history would be a giant step in reverse," referring to the Inflation Reduction Act.
  • Alaskan Senator Dan Sullivan (R-AL), who urged the Biden Administration to approve the project at the CERAWeek energy conference yesterday, said earlier this month: “...certain congressmen are claiming Alaskans and Alaska Natives don’t want the Willow project... that’s not correct.”

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.