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Biden Administration Confirms Phased Down Offshore Drilling Leases

OIL

The Biden administration on Friday released its expected plan to phase down oil and gas auctions in federal waters with a release that includes a maximum of three sales in the Gulf of Mexico through 2029.

  • Reuters had earlier reported on the record low sales citing sources with prior knowledge of the decision.
  • It is the lowest number of sales since leasing schedules began in 1980.
  • Previous programs have ranged between 11 and 41 sales.
  • The plan has disappointed both supporters and opponents of offshore drilling.
Energy BulletsCommodities
Energy BulletsCommodities

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