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

Trump administration pushes to sell Alaska oil leases pre-Biden inauguration

Commodities Nov 13, 2020 05:05PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. Polar bears are seen within the 1002 Area of the Arctic National Wildlife Refuge 2/2

By Yereth Rosen

(Reuters) - The Trump Administration will take key steps to finalize a sale of oil drilling leases in the sensitive Arctic National Wildlife Refuge (ANWR) in Alaska just before Democrat Joseph Biden, who opposes drilling there, becomes president, a government spokeswoman said on Friday.

The White House will be sending out a call for nominations in coming days, according to a spokeswoman for the U.S. Bureau of Land Management in Anchorage, Alaska. The call is a request to energy companies on what specific land areas should be offered for sale.

That would start the clock on a 60-day period before sales could take place in ANWR, where drilling had been banned for decades before a Republican-led tax legislation signed in 2017 removed that ban. Biden opposes drilling in ANWR, while lawmakers in Alaska have long pushed to open up the ecologically sensitive area for oil and gas exploration.

"Development in ANWR is long overdue and will create good-paying jobs and provide a new revenue stream for the state - which is why a majority of Alaskans support it," said Frank Macchiarola, senior vice president of policy, economics and regulatory affairs at the American Petroleum Institute, an industry group.

Following a 30-day period after the call for nominations, the government would have to issue a notice for an impending sale of leases. Thirty days after that, the sale would take place, just before Biden's inauguration on Jan. 20.

Alaska produces roughly 500,000 barrels per day of crude oil, far below its peak of 2 million bpd in the late 1980s.

"This lease sale is one more box the Trump administration is trying to check off for its oil industry allies before vacating the White House in January," said Adam Kolton, executive director at the Alaska Wilderness League, which opposes drilling in ANWR.

Bloomberg reported the news earlier on Friday.

The White House finalized a plan to allow drilling earlier this year. The 19 million acre (7.7 million hectares) refuge is home to Native tribes and wildlife populations including caribou and polar bears. In recent months, several big U.S. banks have said they would not finance oil and gas projects in the Arctic region.

"This administration has consistently ignored our voices and dismissed our concerns. Our food security, our land and our way of life is on the verge of being destroyed," said Bernadette Demientieff, executive director of the Gwich'in Steering Committee. The Gwich'in tribe lives in scattered villages in the reserve and across the national border in Canada.

Trump administration pushes to sell Alaska oil leases pre-Biden inauguration
 

Related Articles

Oil rises as IEA hikes 2022 demand growth forecast
Oil rises as IEA hikes 2022 demand growth forecast By Reuters - Aug 11, 2022 10

By Laura Sanicola (Reuters) - Oil prices rose more than $2 on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural...

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 (5)
Alan Rice
Alan Rice Nov 15, 2020 3:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
THIS is why Earth is dying.
Terry Dude
Terry Dude Nov 13, 2020 5:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
drill baby drill
William Hansen
William Hansen Nov 13, 2020 4:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Drilling in ANWR not necessary.  Just seems greedy and disrespectful of the special, high quality lands we have designated as public lands.  Plenty of oil alternatives already.  Keep the wildlands wild, and Alaska beautiful.  Sand County Almanac, a book by Aldo Leopold helps define the importance of conservation.
Co Gonz
Co Gonz Nov 13, 2020 4:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bets on biden to be arrested before inaugurated
Wicked Pete
Wicked Pete Nov 13, 2020 3:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bad
 
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