The prolonged economic scarring of the past month is likely to slow the economy and may even cause a recession. The benchmarks reached their lowest point since 2021 on March 20 following large bank failures, and while they have since recovered some of the losses, they are still trading well below the levels at the beginning of March. However, Brent and WTI are also expected to record monthly declines of 5% and 2% respectively, which are their steepest since November. "We expect the final plan out in September and after the required review period it will be effective in December," Haaland said at a congressional budget hearing.Daily June WTI Crude Oil Oil Benchmarks Reach Lowest Point Since 2021 Amidst Bank Failures Haaland said on Tuesday that the next five-year offshore leasing sale plan should take effect by the end of 2023. The administration plans to have a new offshore oil and gas leasing plan in place by the end of this year. "President Biden may claim his hands were tied on this sale because of the IRA's mandate, but he still has the opportunity to make good on his promise to end new oil and gas leasing in his Five-Year Plan." The Interior Department is working on a new offshore leasing plan "Expanding dirty energy will worsen the climate crisis and new leasing for offshore oil and gas drilling must stop," Oceana Campaign Director Diane Hoskins said. The group Oceana sharply criticized the sale, but it noted that Biden still has important decisions to make that will steer U.S. can reach Biden's renewable energy goalsĪdding that "it should not take an act of Congress to get us to this point," the API said energy companies need more certainty to meet growing energy needs. The sale generated $263.8 million in high bids for 313 blocks of waters, the BOEM said.Įnergy Energy experts share how the U.S. Many of the blocks attracted only single offers bids ranged from as low as $750 up to millions of dollars. In the sale, companies including Chevron and Exxon Mobil led the way with dozens of bids.
It adds that sections of the Inflation Reduction Act also bar Interior Secretary Deb Haaland from issuing a lease for offshore wind until her agency holds an offshore oil and gas lease sale, with at least 60 million acres offered. The law mandated that Lease Sale 259 be held "no later than March 30, 2023," the BOEM said. Joe Manchin of West Virginia, inserting requirements for new oil and gas leases.
The budget act coalesceed around a deal Democratic leaders reached with their conservative colleague Sen. The oil and gas lease auction was written into a budget dealĬoming on the heels of the Alaska oil project, the Gulf of Mexico offshore lease sale renewed criticism of President Biden from environmental groups that note that his 2020 campaign promises included a climate plan "banning new oil and gas permitting on public lands and waters."Įnvironment Climate experts experience an odd sensation after the Manchin budget deal: optimismīut the administration says it was compelled to open the huge swath of Gulf waters to drilling because of stipulations in the Inflation Reduction Act of 2022. It's the second time this month that the Biden administration has opened federal territory for new oil drilling, after it approved the large and controversial Willow project in Alaska on March 13. Officials spent more than an hour reading aloud the bids in Lease Sale 259, with some 13,600 blocks of "outer continental shelf" acreage in the Gulf of Mexico at stake.
That was just a fraction of some 73.3 million acres of federal waters the Interior Department's Bureau of Ocean Energy Management (BOEM) opened up for bidding. waters in the Gulf of Mexico got a boost on Wednesday, as they secured access to 1.6 million acres of waters offered at auction. A map highlights areas where thousands of blocks of federal waters in the Gulf of Mexico were offered up in an oil and gas auction Wednesday.įossil fuel energy companies looking to extract oil and natural gas from U.S.
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