Oil and gas companies are fully able to drill using roughly 9,000 already-approved drilling permits on federal lands in addition to obtaining permits for undeveloped oil and gas leases on 12.3 million acres of federal land nationwide, Interior communications director Melissa Schwartz said.![]()
U.S. Oil Thirst Defies Easy Fix of Drilling on Federal Lands (1)
High oil prices resulting from Russia’s invasion of Ukraine aren’t expected to prompt the Biden administration to abandon its climate policy and turn to federal oil and gas leasing to bring more crude to the U.S. market, legal experts say.news.bloomberglaw.com
The Interior Department approved about 2,500 permits to drill on public and tribal lands in the first six months of the year, according to an Associated Press analysis of government data. That includes more than 2,100 drilling approvals since Biden took office January 20
And this change to the leasing program might pressure them to drill rather than stockpile.
The climate-and-tax bill passed by the Senate would force oil companies to pay more for drilling on federal land and block them from stockpiling leases at rock-bottom prices, changes that conservationists and good-government groups have sought for years.![]()
Oil Drilling on Federal Land Gets a Rare Shake-Up in Climate Bill
The climate-and-tax bill passed by the Senate would force oil companies to pay more for drilling on federal land and block them from stockpiling leases at rock-bottom prices, changes that conservationists and good-government groups have sought for years.www.bloomberg.com
Supporters of the changes argue the current approach cheats taxpayers, with annual rental fees for some leased land sometimes amounting to less than the cost of a cup of coffee.
Oil companies drill where they have a high likelihood of finding oil.