May 26, 2022

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The government is resuming the sale of oil and gas leases on federal lands

Joe Biden retreats from a key stage promise. The US president, who has made the fight against climate change one of his priorities, announced a ban on new concessions on land and government-owned oil and gas drills shortly after arriving at the White House in January 2021. Water, pending review.

About 173 plots covering 144,000 acres (58,275 hectares) in nine states will be put up for auction starting next week, the home ministry said in a statement on Friday (April 15).

However, many changes will be made. The proposed area is now 80% less than initially expected. After all, the ministry will raise the requested royalties from 12.5% ​​to 18.75% of profits without changing them for at least a century. Interested companies should finally respect new terms such as consultation or respect with Amerindian tribes. “Best Scientific Methods Available” Especially for the analysis of greenhouse gas emissions.

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Famous for half mast

The move comes at a time when the US president is facing off Record inflation, Especially the price of petrol, undermines its popularity. Aiming to bring down the price of crude oil, he has been taking initiatives for weeks, for example, ordering the country’s strategic oil reserves to be massively depleted by the end of March.

Resumption of lease sales for oil and gas exploitation on federal lands may not have an immediate effect, however, the process usually takes several years.

The moratorium announced by Joe Biden was already well underway and the judge suspended it in June 2021 on the grounds that the administration would have to seek congressional approval. The government auctioned off concessions at sea a few weeks later in the Gulf of Mexico, which was canceled by justice in January. The Home Ministry has approved thousands of oil and gas permits on federal land by 2021.

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World with AFP