The Biden administration conducted a lease sale on federal oil and gas reserves in the Gulf of Mexico last week, after attorneys general from Republican-led states successfully sued in federal court to lift the suspension on federal oil and gas sales that Biden imposed when he took office.Įnergy companies including Shell, BP, Chevron and ExxonMobil offered a combined $192 million for offshore drilling rights in the Gulf, highlighting the hurdles Biden faces to reach climate goals dependent on deep cuts in fossil fuel emissions. Gasoline prices are at about $3.40 a gallon, more than 50% higher than a year ago, according to the American Automobile Association.
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The federal leasing program has drawn renewed focus in recent weeks as gasoline prices have skyrocketed and Republicans complained that Biden policies, including the leasing moratorium, rejection of the Keystone XL oil pipeline and a ban on oil leasing in Alaska’s Arctic National Wildlife Refuge, contributed to the price spike.īiden on Tuesday ordered a record 50 million barrels of oil released from America’s strategic reserve, aiming to bring down gas prices amid concerns about inflation. The White House declined to comment Friday, referring questions to Interior. The Bureau of Land Management, an Interior Department agency, should focus leasing offers on areas that have moderate to high potential for oil and gas resources and are close to existing oil and gas infrastructure, the report said. Bond rates have not been increased in decades, the report said. The report also said the government should consider raising bond payments that energy companies must set aside for future cleanup before they drill new wells. The federal rate of 12.5% that developers must pay to drill on public lands is significantly lower than many states and private landowners charge for drilling leases on state or private lands. The report recommends hiking federal royalty rates for oil and gas drilling, which have not been raised for 100 years. The new report seeks a middle ground that would continue the multibillion-dollar leasing program while reforming it to end what many officials consider overly favorable terms for the industry. The moratorium drew sharp criticism from congressional Republicans and the oil industry, even as many environmentalists and Democrats said Biden should make the leasing pause permanent. The report completes a review ordered in January by President Joe Biden, who directed a pause in federal oil and gas lease sales in his first days in office, citing worries about climate change. Susan Montoya Bryan/AP Show More Show Less Some Indigenous leaders were elated with the action, saying it marks a step toward permanent protection of the area outside the park. Haaland called the day momentous, referring to recent action taken by the Biden administration to begin the process of withdrawing federal land from oil and gas development within a 10-mile radius of the park's boundaries for 20 years. Interior Secretary Deb Haaland addresses a crowd during a celebration at Chaco Culture National Historical Park in northwestern New Mexico on Monday, Nov.
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Susan Walsh/AP Show More Show Less 5 of6 U.S. 26, called for an overhaul of the nation’s oil and gas leasing program to focus on areas that are most suitable for energy development and raise costs for energy companies to drill on public lands and water. 3 of6 4 of6 FILE - President Joe Biden speaks as he announces that he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, during an event in the South Court Auditorium on the White House complex in Washington, Nov.