This year will be the first year since 1958 that the Bureau of Ocean Energy Management held no offshore oil and gas lease sales.
Energy expert Alex Epstein, author of “Fossil Future,” argued at a recent House Budget Committee hearing the United States’ record-high oil production is in spite of the Biden-Harris administration’s policies, not because of them. The data suggests he could be right, which means the impacts of the administration’s energy policies will be seen in the next four years.
Offshore oil production in the Gulf of Mexico accounts for 14% of the total oil production in the U.S., and production in the Gulf has remained unchanged for the past five consecutive months, which was one of the flattest lines in all the Energy Information Administration’s data. Exploration, which is the process of identifying potential drilling locations, has been declining at an annual rate of 14% since 2014.
The Biden-Harris administration wouldn’t have offered offshore oil and gas lease sales in 2023 except for a requirement in the Inflation Reduction Act. […]
— Read More: justthenews.com
