The decision, which comes as U.S. gas prices have reached record highs, effectively ends the possibility of the federal government holding a lease sale in coastal waters this year. The Biden administration is poised to let the nationwide offshore drilling program expire next month without a new plan in place.
While President Biden has spoken in recent weeks about the need to supply oil and gas to Europe so those nations can stop importing energy from Russia in light of the ongoing war in Ukraine, the move would mark a victory for climate activists intent on curbing U.S. fossil fuel leasing.
Which is to say, gas prices will continue to soar at home and Germany will continue to fund the war in Ukraine (while continuing to denounce it in the press).
The Post further explains that "the current five-year offshore drilling program will lapse at the end of June," and that the White House is "legally obligated" to put together a plan to replace it. The Biden administration has neglected to do so, however, blaming a "lack of interest" on the part of oil and gas companies.
While it is true that oil and gas companies have been somewhat reluctant about increasing spending and production under an administration that has treated them unfavorably from Day One, this particular claim is patently false, as is demonstrated by the obvious frustration of the resource sector at Team Biden's negligence:
Environmentalists praised the move, but the oil and gas industry and Republicans voiced dismay. Offshore drillers have sought to raise the alarm for months about the leasing program’s June 30 expiration date, saying that a lapse in the program would cost thousands of jobs and billions in lost tax revenue.
Lost jobs, lost tax revenue, exploding energy prices, and spiraling inflation. This presidency just keeps getting worse.