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The rule represents the first comprehensive update to the federal oil and gas leasing program in more than 30 years. It comes as the U.S. pumps more crude oil than any other country in history - an uncomfortable fact facing President Joe Biden as he touts his ambitious climate agenda on the campaign trail.
The administration is also reportedly planning to issue a rule that would limit oil drilling in Alaska.
Oil and gas companies face at least a tenfold increase in costs to drill on federal lands under a Biden administration rule aimed at generating more money for taxpayers and
As the Independent Petroleum Association of America’s (IPAA’s) Annual Meeting in San Antonio continued on Tuesday afternoon, several senior IPAA staffers gave attendees a candid assessment of the threat posed to the E&P industry by the Biden administration.