U.S. to cancel Trump-era Alaska oil and gas leases

The U.S. Interior Department has announced the cancellation of oil and gas leases in the Arctic National Wildlife Refuge (ANWR) that were sold to the Alaska Industrial Development and Export Authority (AIDEA) during the final days of former President Donald Trump’s term. President Joe Biden has been focused on protecting the 19.6 million-acre ANWR to preserve its wildlife and combat climate change.

The leases were granted just one day before Biden’s inauguration.

This decision has been applauded by environmentalists but criticized by some Alaskan officials who sought to open up drilling in the reserve to secure jobs and revenues for the state. It’s part of Biden’s broader agenda to limit oil and gas activities on public lands to address climate change.

The Interior Department will also prohibit new leasing on over 10 million acres in the National Petroleum Reserve in Alaska, the largest undisturbed public land in the United States. This move represents another step in Biden’s effort to combat climate change by reducing oil and gas production on public lands.

However, it’s worth noting that Biden is also under pressure to ensure domestic fuel supplies and keep pump prices low. Earlier this year, his administration approved a $7 billion ConocoPhillips drilling project in Alaska, which drew criticism from the United Nations for not aligning with efforts to transition away from fossil fuels.

AIDEA has stated that it will challenge the cancellation of the leases in court, arguing that the Interior Department’s decision is based on campaign rhetoric and disregards federal law.

This decision marks the latest development in the ongoing debate over drilling and environmental protection in Alaska’s sensitive ecosystems, and it reflects the Biden administration’s commitment to addressing climate change by curbing fossil fuel extraction on federal lands.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Equinor expands renewable energy portfolio with inauguration of solar plant in Brazil

Equinor, the Norwegian energy company, has inaugurated a 531-megawatt solar plant in Brazil, significantly increasing its power production in the country by 30%. The Mendubim solar plant is expected to generate 1.2 terawatts per hour (TWh) of power annually, with 60% of the output sold through…

Australia’s Fortescue applied to build Canada green hydrogen facility

Fortescue Future Industries (FFI) has submitted a proposal for “Project Coyote,” a green hydrogen and ammonia production facility located in the British Columbia province of Canada. This facility, planned at the Willow Cale Industrial Park in Prince George, BC, aims to produce approximately 140,000 tons of hydrogen and 700,000 tons of ammonia annually.

G7 and EU weigh proposal to utilize frozen Russian assets for Ukraine’s reconstruction

The Group of Seven (G-7) and the European Union (EU) are reportedly in discussions about a plan that involves using over $250 billion in frozen Russian central bank assets as collateral to fund the reconstruction of Ukraine. The proposal suggests that Ukraine’s allies could issue debt, with the frozen…

Stay informed

error: Content is protected !!