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

Oil rig

TebNad / iStock via Getty Images

The Biden Administration Proposed authorizes 10 oil and gas leases in the Gulf of Mexico and one off the coast of southern Alaska over the next 5 years, while preventing new offshore operations drilling in the Atlantic and Pacific Oceans, according to a draft plan released Friday.

The U.S. Department of the Interior said the plan was still under development and offered several options, including one that would forgo new lease sales altogether, the Interior Department said. added that a public comment will be held for several months, which could lead to a reduction in areas open to new development.

The proposal sparked a backlash from environmentalists, who accused Biden of betraying climate causes and breaking campaign promises to ban new permits for onshore oil and gas drilling. and offshore, as well as oil industry officials and allies, who say the plan won’t do much. to combat high energy prices and restore U.S. energy leadership.

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

Earlier this week, the Supreme Court ruled the Environmental Protection Agency lack of authority to set greenhouse gas emission standards for existing power plants under the Clean Air Act.

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