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The Bureau of Ocean Energy Management is rescinding the record of decision for the Gulf of Mexico Oil and Gas Lease Sale 257.
The Bureau of Ocean Energy Management (BOEM) has announced that it is rescinding the record of decision (ROD) for the Gulf of Mexico (GOM) Oil and Gas Lease Sale 257.
The decision, which BOEM noted has been made in response to U.S. President Joe Biden’s Executive Order 14008, pauses planning for the proposed sale, which was expected to occur this March. Biden’s order, which was signed on January 27, directs the secretary of the interior to pause new oil and gas leasing on public lands and offshore waters pending completion of a comprehensive review of federal oil and gas activities. BOEM said a federal register notice formally rescinding the ROD “is forthcoming”.
U.S. President Joe Biden’s new energy policies will have a moderate impact on Brent prices overall.
That’s what Matthew Bey - a senior global analyst with Stratfor, a RANE company - told Rigzone, adding that short term price dynamics are largely being driven by Saudi Arabia, OPEC+ policy and the pace of the economic recovery from Covid-19.
“Over the next two years the economic recovery from Covid-19 and the pace of it globally, coupled with the pace of global production growth will play a driving role in price formation,” Bey said.
“President Biden s policies could slow down the pace of resilience that United States onshore producers have when reacting to higher prices, which would slow down a surge in supply that could temper price increases,” he added.