Exclusive-Biden's 5-year offshore oil plan to have just three auctions – sources
newscatcher
2023-09-29 00:31
Exclusive-Biden's 5-year offshore oil plan to have just three auctions – sources
By Jarrett Renshaw and Nichola Groom (Reuters) -The Biden administration's five-year plan for offshore oil and gas leasing will not include any sales in 2024 and will feature just three in the final four years, the lowest number of auctions in the history of the program, according to three sources familiar with the matter. The plan is almost certain to disappoint both environmental groups and oil companies. In recent years, politicians, environmentalists and the oil industry have cast the national leasing program as a symbol of either the need to rein in fossil fuel development to avert the worst impacts of climate change or as a critical tool to shore up domestic energy supplies and keep pump prices low.

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