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

Canada’s Sigma to ship 22,500 tons of lithium concentrate to Glencore

Sigma Lithium, a leading lithium developer listed on the TSX Venture Exchange and NASDAQ, recently announced a significant milestone in its collaboration with Glencore, one of the world’s largest commodity traders. Sigma Lithium has prepared 22,500 tonnes of lithium concentrate, which is part of a sustainable supply chain initiative aimed at supporting the electric vehicle (EV) market.

Biden to visit Vietnam next month to discuss broad range of issues

Next month, US President Joe Biden will visit Vietnam to discuss various topics with top officials, including technology, economy, regional stability, and climate change. The goal is to strengthen ties between the two countries, especially since China holds a significant position in the region.

China’s Ant Group venturing into financial AI

Ant Group, China’s leading fintech company, has revealed its foray into the field of financial artificial intelligence (AI). The company, founded by billionaire Jack Ma, is now testing consumer and professional applications for this new AI model.

Stay informed