Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

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

Published 11/13/2020, 03:44 PM
Updated 11/13/2020, 05:05 PM
© Reuters. Polar bears are seen within the 1002 Area of the Arctic National Wildlife Refuge

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.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"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.

Latest comments

THIS is why Earth is dying.
drill baby drill
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.
bets on biden to be arrested before inaugurated
bad
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.