Biden admin to resume leasing for oil and gas drilling on federal lands

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Assessment: Learning from Bill Clinton, time to pivot to the center for mid-terms proves an old adage, ‘you can fool all the people some of the time and some of the people all the time’ …

The Biden administration said it will resume selling leases to drill for oil and gas on federal lands starting next week, but with a major reduction in the number of acres offered and an increase in the royalties companies must pay to drill.

The Interior Department announced that on Monday it will release a sale notice for leases to drill on 144,000 acres of government land — 80 percent less than what was initially being evaluated for potential leasing.

“Whoever walks in integrity walks securely, but he who makes his ways crooked will be found out.” Proverbs 10:9 ESV

President Joe Biden, who on the campaign trail called for an end to drilling on federal lands, has been looking for ways to temporarily increase U.S. energy production to help drive down the price of gas.

The move comes amid growing pressure for the Biden administration to do more to lower gas prices, with Republicans in particular saying it should allow more drilling.

Industry experts say it would take at least six months to a year before new drilling on federal land would produce additional supply and ultimately bring down the cost of gas, which has emerged as a major midterm election issue.

Read More @ CNBC HERE