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Biden drilling plan could allow limited leasing off Alaska and in Gulf of Mexico

by Euro Times
July 2, 2022
in Markets
Reading Time: 1 min read
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TebNad/iStock by way of Getty Photographs

The Biden administration proposes permitting as many as 10 oil and gasoline lease gross sales within the Gulf of Mexico and one off the coast of southern Alaska over the following 5 years, whereas blocking new offshore drilling within the Atlantic and Pacific oceans, in response to a draft plan launched Friday.

The plan continues to be being developed and offers a number of choices, together with one that might forgo new lease gross sales completely, the U.S. Inside Division mentioned, including that a number of months of public remark will likely be held, which might lead to decreasing the areas opened for brand spanking new growth.

The proposal introduced backlash from environmentalists who accused Biden of betraying the local weather trigger and breaking a marketing campaign promise to ban new permits for oil and gasoline drilling on federal land and offshore, in addition to oil trade officers and allies, who mentioned the plan would do little to counter excessive power costs and restore U.S. power management.

ETFs: (NYSEARCA:XLE), (NYSEARCA:XOP), (VDE), (IEO), (OIH)

Earlier this week, the Supreme Court docket dominated the Environmental Safety Company lacks authority to set requirements on greenhouse gasoline emissions for current energy crops underneath the Clear Air Act.



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Tags: AlaskaBidenDrillingGulfleasingLimitedMexicoPlan
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