Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did 😎Read how

Republican bill seeks to block Biden's federal lands oil leasing halt

Published 01/28/2021, 03:24 PM
Updated 01/28/2021, 05:40 PM
© Reuters. Secretary of Veterans Affairs nominee Denis McDonough's confirmation hearing in Washington

(Reuters) - Republican senators from oil-producing states introduced legislation on Thursday that would block the Biden administration's order pausing new oil and gas leasing on federal lands.

The bill, introduced by Senator Bill Cassidy of Louisiana and 24 other senators, would require congressional approval for any suspension of fossil-fuel leasing or permitting on public lands and waters.

"Federal lands and water don’t belong to President Biden; they belong to the people of the United States," Cassidy said in a statement.

"This bill installs needed safeguards to ensure that no president can unilaterally pull the plug on American energy production and put thousands out of work the way this president is trying to do.”

An official from the Interior Department, which oversees federal lands and waters, would not comment.

Introduction of the bill, dubbed the Protecting our Wealth of Energy Resources (POWER) Act of 2021, came a day after Democratic President Joe Biden paused new oil and gas leases on federal land as part of an ambitious climate change agenda. His Republican predecessor, Donald Trump, had sought to maximize oil and gas production on federal lands and waters.

The other senators introducing the bill represent Wyoming, Tennessee, Arkansas, West Virginia, Texas, North Dakota, Idaho, Montana, Mississippi, Oklahoma, Wisconsin, Utah, Kansas, Alaska, Pennsylvania, and Alabama.

(This story refiles to remove extraneous letters in first paragraph)

Latest comments

This bill isn't going anywhere... Republicans doesn't control anything now...
Greedy corporations are going to ****us all! Why, oh why, are we subsidizing them?????
oh so when trump tried to maximize oil production with power of a president, that was alright and these greedy senators didnt protest. but when new presidet tries to introduce opposite steps, suddenly they're complaining the land and water doesnt belong him. what a bunch of hypocrites
Federal land belings to all citizens. Water belongs to whomever owns the water rights.
Big oil has already said they have a stockpile of federal leases and plenty of other options so future production isn't affected and will shift worker appropriately.
congratulations to big oil! enjoy the current price, good opportunity to make huge money!
I already have.
so GOP thinks there will be jobs when the planet is killed?
and the planet is dying when? lmao...
and the planet is dying when? ...
already right now 😉just because you are incapable of getting it, doesnt mean, it's not happening
DOA.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.