President Biden’s early executive orders on rejoining the Paris Agreement and canceling the Keystone XL oil pipeline, and his signaling of an infrastructure proposal featuring clean energy provisions and a limitation on oil & gas development in Alaska’s Arctic National Wildlife Refuge demonstrated his commitment to aggressive clean-energy commitments.
On Wednesday, President Biden signed an additional series of executive orders all focused on climate change and environmental justice. This impressive list included setting a target of protecting 30% of America’s lands and waters by 2030, creating a new task force of 21 agencies and departments to co-ordinate a government-wide approach to climate change, and launching a series of efforts to assist disadvantage communities in responding to climate and environmental injustice, among other orders.
Biden To Halt Oil, Gas Leasing On Federal Land
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The Drilldown: Biden to halt fossil fuels leases on federal lands
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Environment Minister Pauline Frost has praised last week’s U.S. moratorium on oil and gas leases in Alaska’s Arctic National Wildlife Refuge.
“Within hours of his inauguration, U.S. President Joe Biden issued an executive order stopping the Bureau of Land Management’s current oil and gas lease program for the Arctic National Wildlife Refuge,” Frost said in a statement last Friday.
“This is an important step towards reversing the former administration’s efforts to open the critical habitat to industrial development and will help maintain the sustainability of the important Porcupine caribou herd.”
The Yukon government continues to work with its partners in Porcupine Caribou management, Frost added.
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Goldman Sachs: Biden’s Federal Land Drilling Ban Is Bullish For Oil By ZeroHedge - Jan 24, 2021, 4:00 PM CST
Oil stocks tumbled following yesterday s one-two punch of Biden energy news, when first we learned that the Interior Department enacted a 60-day moratorium on issuing oil and gas leases that affects all federal lands, minerals, and waters, which was followed by news that Biden was set to fully suspend the sale of oil and gas leases on federal land, which accounts for about a tenth of U.S. supplies.
Yet while E&P companies sold off sharply on the news, one can argue that the decision wasn t exactly a surprise for the drillers themselves, because as the following chart from BofA shows, federal drilling permits spiked into year-end as companies clearly anticipated a ban on drilling on federal lands.