Biden Admin Locks In Skimpiest Offshore Oil And Gas Leasing Schedule In US History As Prices Remain High At The Pump

The Biden administration finalized the most restrictive offshore oil and gas five-year leasing schedule in U.S. history on Friday as the national average retail gas price remains high for American consumers.

The Department of the Interior (DOI), which oversees the Bureau of Ocean Energy Management (BOEM), announced that it is finalizing the leasing schedule, which meets the bare minimum acreage required by the Inflation Reduction Act (IRA) in order for the administration to issue offshore wind leases, according to the DOI. The 2024-2029 schedule only features three lease sales in the Gulf of Mexico, with no sales scheduled for any other area off the country’s shores; DOI finalized the plan as the national average per-gallon price at the pump hovers at around $3.10.

BOEM’s finalized plan is a far cry from the schedule that former President Donald Trump and his administration were crafting, which would have allowed for 47 lease sales in the Gulf of Mexico and beyond, including in the Pacific Ocean and off the Alaskan coast.