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Trump administration sets for final auction of US oil drilling rights

Thursday’s Trump administration will provide the oil and gas industry with the last opportunity to secure federal acreage before the inauguration of Joe Biden in the presidential election, which promised to ban new drilling on public land. ..

The US Land Management Authority will auction 37 lots on 6,851 auctions in New Mexico, Texas, Oklahoma and Kansas through its online auction site EnergyNet. Most of the plots are in New Mexico and cover part of the vast Permian basin, the world’s largest oil field.

The auction reveals the level of demand for new leases from industries where the economic impact of the coronavirus pandemic is uncertain about the future of drilling on federal land, slumping prices and declining fuel demand. ..

A key part of President Donald Trump’s “energy domination” agenda to maximize domestic production of fossil fuels, the federal drilling auction is for the prospect of a new US president enthusiastic about fighting the health crisis and climate change. This year, we are getting more and more weak interest.

Biden said it would suspend new oil and gas leasing in federal land and waters, but did not provide a method or schedule to achieve that goal.

Survey https://www.reuters.com/article/us-usa-drilling-study/ban-on-federal-drilling-leases-would-cost-eight-us-states-billions-study-finds-idUSKBN28P338by Wyoming Last month, it discovered that such a ban would require $ 8.1 billion in tax revenue and $ 34.1 billion in investment in eight western states over the next five years.

However, last month’s auctions in Wyoming, Utah and other states attracted sparse bids, with major oil companies at https://www.reuters.com/article/us-usa-alaska-oil/oil- Could not display drillers-shrug-off-. trumps-us-arctic-wildlife-refuge-auction-idUSKBN29B0KR has risen altogether towards the first sale of drilling leases in the Arctic National Wildlife Refuge last week.

The environment, communities and groups of taxpayers have criticized the government for not making enough profits for holding oil and gas leasing sales during low-priced periods.

“This lease sale is under an outdated system that prioritizes the profits of oil and gas companies over New Mexico taxpayers,” said James Jimenez, director of the non-profit New Mexico Voice for Children. Said in.

BLM personnel did not immediately respond to requests for comment.

Disclaimer: This post is auto-published from the agency feed without modification of the text and has not been reviewed by the editor.

Trump administration sets for final auction of US oil drilling rights

Source link Trump administration sets for final auction of US oil drilling rights

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