Biden shuts down offshore oil and gas production while tapping the Strategic Petroleum Reserve to provide fossil fuels to U.S. consumers.
for the fiscal year 2023, the U.S. Administration expects oil and gas rents and bonuses of just $25 million in the fiscal year 2023, compared to $395.5 million for fiscal year 2022. The drop of $370 million, Bloomberg notes, is the typical haul for the government from two oil and gas lease auctions in the Gulf of Mexico.released
“A delay in the offshore oil and gas leasing program could mean nearly 500,000 barrels per day produced here in the US. At a time of geopolitical uncertainty and rapidly rising energy prices, Gulf of Mexico oil and gas production is more important than ever,” NOIAAPI also responded to Biden’s announcement about the Strategic Petroleum Reserve. API President and CEO Mike Sommers said in an email sent to the media.
“The best thing the White House can do right now is to remove barriers to investment in American energy production and infrastructure,” Sommers said. “Unfortunately, today we heard more mixed signals about developing affordable, reliable and secure American natural gas and oil.” He went on to say: Biden faces political pressure to show he is tackling high gas prices, and he sought to deflect voters’ anger, blaming Russian President Vladimir Putin for launching the war against Ukraine and citing oil companies for leaving drilling prospects idle and land untapped. The president also noted that the country’s rapid recovery from the pandemic had unleashed a torrent of demand for fuel.
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