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Biden’s Offshore Oil Leasing Plan Calls For Historic Reduction

Biden's Offshore Oil Leasing Plan Calls For Historic Reduction

The Biden administration has a five-year plan that will govern offshore oil and gas leasing. The purpose is basically to reduce the lease sales in number as compared to previous years.

A news article from Reuters legal section states that the sources who have knowledge on the matter have spoken in the plan. Apparently, the plan is to not have any lease sales in 2024. All that will be there is nearly three leases in the final four years of the plan.

The plan marks the lowest record number of auctions in the history of the said program.

Makers of the plan are expecting quite a bit of criticism regarding it. Nay sayers could include environmental groups and names from the oil industry of the United States.

The plan marks quite a shift from the previous lease programs. Sources say that the leasing program has led to quite a bit of debate over the past few years.

Climate activists and environmentalists have been pushing for stricter regulations in a bid to fight climate change. The big names in the oil industry of the United States have argued that there is an immediate need in the increase for domestic energy production.

For the past two-decade, five-year plans have never had less than 11 lease sales. Most lease sale numbers have been between 15 to 20. This detail has been collected from the Bureau of Ocean Energy Management.

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Debkanya Bhattacharya
Debkanya is a lawyer turned writer. With an experience of 3 years, she is your go-to source for all things law. She has a soft corner for the US and international section. When the weekend arrives, you'll find her reading up on politics, Austen, or travel blogs over a cup of coffee.

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