Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Trump administration opens sensitive Arctic areas to oil development

Published 06/25/2020, 05:51 PM
Updated 06/25/2020, 05:55 PM
© Reuters. FILE PHOTO:  U.S. President Trump touts administration's environmental policy at the White House in Washington

By Yereth Rosen

ANCHORAGE, Alaska (Reuters) - The Trump administration on Thursday released its plan to open environmentally sensitive areas in Arctic Alaska to oil development, overturning some protections that go back decades.

The plan released by the Interior Department's Bureau of Land Management revokes an Obama-era management system for a huge swathe of federal land on the western North Slope, the National Petroleum Reserve in Alaska.

The Trump plan, contained in a final environmental impact statement, opens 18.7 million acres of the 23 million-acre reserve to development. The Obama-ere plan in effect since 2013 allowed oil development on about half of the reserve.

Administration officials said the action is needed to boost oil production.

"President Trump has committed to expand access to our Nation's great energy potential," Interior Secretary David Bernhardt said.

The process to upend the Obama-era protections began at the start of the Trump administration with an order from then-Interior Secretary Ryan Zinke to open more of the Arctic to development. The order also included the Arctic National Wildlife Refuge and offshore waters.

The new National Petroleum Reserve plan allows oil development on all of Teshekpuk Lake, the biggest lake on the North Slope, famous for its migratory bird and caribou populations. It also allows development in new areas along the Colville River. Protections for those areas date back to the 1970s.

The new plan could result in up to 20 years of new oil production of up to 500,000 barrels per day, supported by 240 miles of pipelines, 250 miles of roads and assorted drill pads and other industrial sites, the BLM's document said.

Environmentalists and Native activists condemned the plan.

© Reuters. FILE PHOTO:  U.S. President Trump touts administration's environmental policy at the White House in Washington

"Communities in the region already face unacceptable impacts on health, food security, and cultural sovereignty due to existing industry activity," said a statement released by 10 environmental and Native organizations.

Latest comments

go Trump
Watch the woke going crazy... hahaha
FAIL.
why?
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.