President Biden significantly reduced oil lease sales on federal lands, causing long-term effects on drilling despite not stopping it entirely.
Heather Richards reports for E&E News.
In short:
- Biden cut new oil leases on federal lands by 95%, reducing future development.
- New rules made drilling more costly, raising bond requirements to $150,000 per lease.
- Despite the cutbacks, nearly 12,000 onshore wells were approved during Biden's tenure.
Key quote:
“The political campaign rhetoric met reality."
— Shannon Anderson, attorney with the Powder River Basin Resource Council.
Why this matters:
Biden's policies aim to decrease reliance on fossil fuels while balancing economic pressures. These changes will influence U.S. energy and environmental strategies for years to come.
