Biden Administration Cancels Oil and Gas Lease Sales

Background: Biden’s Interior Department confirmed that it would be canceling three oil and gas lease sales. The department said that it’s due to a “lack of industry interest in leasing in the area.” The other side blames environmentalists and regulations for creating conditions unfavorable for leasing.

Conflicting goals: Gas is still at all-time highs. Biden has expressed his willingness to increase production to lower prices but has also committed to transitioning away from fossil fuels for climate reasons. This was a win for the latter.

Regarding these major oil leases, the Biden administration was unable or unwilling to create the conditions necessary for increased oil production. Read more about how Biden’s policies manufactured higher gas prices.