• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 10 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 mins Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 12 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 16 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 2 hours .
  • 1 day Сryptocurrency predictions
  • 1 day 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 2 days Joe Biden's Presidency

U.S. Cancels All Q2 Oil, Gas Lease Sales

The United States Department of the Interior will cancel all oil and gas lease sales from public lands through the end of June, according to a Bureau of Land Management press release issued on Wednesday.

On the very day President Biden was inaugurated, the DoI pulled back the reins on issuing permits for oil and gas exploration on federal lands and in federal waters. It did this not by banning permits outright but by limiting which Interior employees could approve permits. The number of employees to approve permits has dwindled significantly to a total of nine, and is limited to “leadership” only. It is an effective suspension of the permitting process, although not an outright ban.

The suspension order, signed January 20, was originally expected to last for a period of sixty days–until March 21.

Since then, lawsuits by Continental Resources and others have ensued, claiming that the new restrictions are unlawful since it prevents the DoI from ruling on permitting applications in the timeframe allotted in the Mineral Leasing Act.

But now, it would appear, there will not be any oil and gas lease sales anyway--at least not through June.

“Based on our ongoing review, the Bureau of Land Management is exercising its discretion to not hold lease sales in the 2nd quarter of Calendar Year 2021. This decision does not impact existing operations or permits for valid, existing leases, which continue to be reviewed and approved,” the DoI’s press release reads.

Related Video: Guess What? Offshore Oil Is Cleanest Producer

The review process, according to the BLM, which has no definite end point, will determine whether the current leasing process provides taxpayers with a fair return.

“The Trump administration conducted a fire sale of public lands and waters, offering more than 25 million acres onshore during the past four years, 5.6 million of which were purchased. Offshore, more than 78 million acres were offered for lease to oil, gas, and mineral development offshore, and only 5 million acres were purchased,” the press release concluded.

The specific lease sales that were canceled with the press release were Nevada’s, which was to be held on June 8, and Colorado’s, which was supposed to be held on June 27.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News