Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Biden administration offshore drilling plan delayed

Commodities Jun 30, 2022 07:35PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Unused oil rigs sit in the Gulf of Mexico near Port Fourchon, Louisiana August 11, 2010. REUTERS/Lee Celano//File Photo

By Jarrett Renshaw and Nichola Groom

(Reuters) -The Biden administration on Thursday delayed the rollout of a proposed five-year offshore oil and gas development plan that had been promised by the end of the month, according to sources.

Interior Department Secretary Deb Haaland in May had vowed to unveil the draft proposal ahead of the June 30 expiration of the current plan. The department will not be able to hold any offshore oil and gas lease sales until a new plan is finalized.

Briefings with officials meant to take place Thursday ahead of a public announcement were unexpectedly delayed, according to sources. The reason and length of the delay were unclear.

Interior would not comment.

Interior had recommended to the White House that all federal offshore oil and gas drilling auctions over the next five years be located in the Gulf of Mexico, where the drilling industry has already been focused for decades, according to two sources familiar with the matter. The White House could make changes to include other regions.

The expected proposal comes as U.S. President Joe Biden seeks to balance his goal to transition the country away from fossil fuels against a Congressional requirement to hold regular drilling auctions, and intense political pressure to boost energy supplies to ease soaring inflation.

In recent years, the Interior Department has leased areas off the coast of Alaska. And former President Donald Trump had proposed a vast expansion of drilling sales to cover more than 90% of coastal waters, including areas off California that had not been offered since the 1980s and new zones in the Atlantic and Arctic. Those plans were blocked by legal challenges.

Biden, conversely, had campaigned on a promise to end all new federal drilling to combat climate change. But his early efforts to suspend leasing were also blocked in court.

Interior last held an offshore oil and gas auction in November, located in the Gulf of Mexico, but a court order later vacated the sale saying the administration had failed to properly account for its impact on climate change.

Offshore oil and gas production, which occurs mainly in the Gulf of Mexico, contributed about $4 billion in revenue to U.S. coffers last year. The Gulf accounts for about 15% of domestic oil production and 2% of natural gas production, according to the Bureau of Ocean Energy Management.

Biden administration offshore drilling plan delayed
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Jeff Bailey
JeffB Jun 30, 2022 10:57PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
And high energy prices are all Putin’s fault. Look no further than Biden’s constant change of plans to keep producers from budgeting new domestic projects. Freemont also delayed to help keep LNG prices elevated abroad, but does help suppress prices from +$8 at home. Joe must go.
Alan Rice
Alan Rice Jun 30, 2022 6:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pump more oil !! Pump more oil !! My Hummer is going dry !!
Gary Mtwo
Gary Mtwo Jun 30, 2022 11:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Of course, the NIMBY liberals on both coasts prefer the Gulf be used exclusively.
Brad Albright
Brad Albright Jun 30, 2022 11:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why is it so hard for the know-nothing kooks to pause and consider if the facts comport with their opinion? Georgia governor Brian Kemp, South Carolina Governor Henry McMaste rand Florida Governor Ron Desantis are hardly liberals -- and yet, the oppose off shore drilling. Man, those pesky facts.I guess it's time to make up some other reason to despise 60% of the country.
Eric Beck
Eric Beck Jun 30, 2022 11:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Stay triggered.
Gary Mtwo
Gary Mtwo Jun 30, 2022 11:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Of course, the NIMBY liberals on both coasts prefer the Gulf be used exclusively.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email