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Biden Historically Low Offhore Lease Plan Due Friday

OIL

The Biden Administrations 5-year offshore oil & gas lease plan to offer new drilling acreage is to have historically few lease sales and none in 2024 according to Reuters sources. It will feature just three in the final four years – the lowest in the history of the auction program.

  • Since 1992, no five-year plan has had fewer than 11 lease sales and most have had 15 to 20.
  • The schedule for leasing in the Gulf of Mexico and Alaska for 2024-2028 is due on Friday following several delays and months of battling between environmentalists and drilling advocates.
  • Bidens campaign promise was to end new federal drill entirely to fight climate change.
Energy BulletsCommodities
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