Biden Admin Cancels Major Oil and Gas Lease Sales Amid Soaring Gas Prices

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The Biden administration has canceled the sales of three major offshore oil leases in the Gulf of Mexico and off the coast of Alaska, blocking the opportunity to drill for oil in over 1 million acres amid soaring gas prices in the United States.

The Interior Department said that due to “lack of industry interest in leasing in the area,” it will “not move forward” with the proposed Cook Inlet oil and gas lease sale 258 in Alaska, in a statement to news outlets.

“The Department also will not move forward with lease sales 259 and 261 in the Gulf of Mexico region, as a result of delays due to factors including conflicting court rulings that impacted work on these proposed lease sales.”

Among the voices opposing the cancellations was former Vice President Mike Pence.

“Gas Prices are the Highest Ever Recorded and the Biden administration cancels an Alaska oil and gas lease sale? This has got to stop. Unleash American Energy Joe!” Pence said on Twitter.

Federal law requires the Interior Department to adhere to a five-year leasing plan for auctioning offshore leases. The current five-year offshore drilling program is due to expire at the end of June; the department had until then to complete the lease sales. Although federal law requires the Biden administration to prepare a replacement plan before it can hold new oil and gas lease sales, it has yet to release any such plan.

A total of 11 lease sales had been planned under the current five-year program, of which seven have been held successfully.

In January, a federal judge in Washington blocked the sale of offshore oil and gas drilling leases across some 80 million acres of the Gulf of Mexico—lease 257—ruling that the environmental review that underpinned the sale was flawed. The Biden administration did not appeal the ruling. The auction of lease 257 held in November by the Interior Department was the largest offshore oil and gas lease auction in U.S. history.

The Biden administration’s latest move to cancel offshore oil leases comes as gas prices in the United States hit another record high of $4.404 on May 11, according to AAA, just a day after hitting an earlier high of $4.374, while crude oil continues to remain above $100 per barrel.

By Gabrielle Stephenson

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