President Joe Biden s moratorium of oil and gas leasing buys time for a broad review of whether, and how, fossil fuels should be extracted from lands under the U.S. government s control.
(Bloomberg) President Joe Biden’s moratorium of oil and gas leasing buys time for a broad review of whether and how fossil fuels should be extracted from lands under the U.S. government’s control.
The result could have a profound impact on an industry that employs hundreds of thousands of Americans by determining what access it will have on a 10th of the nation’s land and almost all of its coastal waters.
With the stroke of a pen Wednesday, President Biden wiped out what will be a plethora of jobs in the oil and natural gas industry when he signed an executive order banning new drilling on federal lands.
The Biden administration is expected to announce a temporary suspension of new oil and gas leasing on U.S. federal lands and waters on Wednesday, and to order that nearly a third of federally run acreage is conserved over the next decade, three sources familiar with the.
The sources pointed out that the upcoming order would affect leasing activities, and not permitting, raising the possibility that the government could resume providing drilling permits to those who picked up leases in a series of auctions held in the waning days of the Trump administration.
Biden to announce freeze on new oil, gas leases on federal land and other climate-related actions MarketWatch 1/27/2021
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WASHINGTON President Joe Biden is set to announce a wide-ranging moratorium on new oil and gas leasing on U.S. lands and waters, as his administration moves quickly to reverse Trump administration policies on energy and the environment and address climate change.
Two people with knowledge of Biden’s plans outlined the proposed moratorium, which will be announced Wednesday. They asked not to be identified because the plan has not been made been public; some details remain in flux.
The move follows a 60-day suspension of new drilling permits for U.S. lands and waters announced last week and follows Biden’s campaign pledge to halt new drilling on federally controlled land and water as part of his plan to address climate change. The moratorium is intended to allow time for officials to review the impact of oil and gas drilling on the env