The Biden administration says it is canceling three oil and gas lease sales scheduled in the Gulf of Mexico and off the coast of Alaska, which will remove millions of acres from possible drilling as U.S. gas prices reach record highs.
The Biden administration is canceling three oil and gas lease sales scheduled in the Gulf of Mexico and off the coast of Alaska, removing millions of acres from possible drilling as U.S. gas prices reach record highs.
The Interior Department cited a lack of industry interest in drilling off the Alaska coast and “conflicting court rulings” that have complicated drilling in the Gulf of Mexico, where the bulk of U.S. offshore drilling takes place Major oil companies reported surging profits in the first quarter and are sending tens of billions of dollars in dividends to shareholders, along with stock buybacks that have sharply increased the value of investor holdingsThe decision likely means the Biden administration will not hold a lease sale for offshore drilling this year and comes as Interior appears set to let a mandatory five-year plan for offshore drilling expire next month.
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