The Biden administration announced a five-year plan Friday that prevents new offshore oil drilling projects in the Atlantic and Pacific oceans.
The proposed plan will give the administration the ability to hold no new lease sales at all, according to the Interior Department. The plan could allow a maximum of 11 oil lease s ales for offshore drilling, ten in the Gulf of Mexico and one in the Cook Inlet off of the south-central Alaska coast over the course of the next five years. (RELATED: Biden Admin Considers Banning All Offshore Drilling As Energy Crisis W orsens: REPORT)
“A Proposed Program is not a decision to issue specific leases or to authorize any drilling or development,” said Department of the Interior (DOI) Secretary Deb Haaland.
“From Day One, President Biden and I have made clear our commitment to transition to a clean energy economy,” she continued.
The proposal comes amid rising gas prices and inflation and calls for increasing oil production as well as President Joe Biden’s commitment to tackling climate change. Biden also vowed to ban offshore fossil fuel drilling during his campaign.
Any new offshore leases are unlikely to have a short-term impact on fuel prices as it often takes years after a sale is completed for compan… (Read more)