May 24, 2022

Joe Biden’s new budget halts the sale of leases for offshore drilling for next year and a half

Americans are feeling the squeeze of inflation, especially when it comes to what they’re paying at the pump. Predictably, President Joe Biden’s administration just made it worse.

The president’s budget proposal appears to halt the sale of leases for offshore drilling for at least 18 months, the Daily Caller reported. This assumption is based on revenue projections for the leases that drop to a fraction of their previous numbers.

The Department of Interior estimated a steep decline from the 2022 fiscal year, which is projected to yield $395.5 million. By 2023, the DOI estimates that number will only be $25 million in 2023 — meaning they are bracing for a 94% decrease.

“The Interior Department’s budget suggests that there will not be any lease sales in the fiscal year of 2023 which ends in September 2023,” Erik Milito, president of the National Ocean Industries Association, told the news outlet. “We know that because they’re not including any money that would come in through the lease sales.”

If this is true, it is a stark contrast to the energy policy of previous years and comes at a time when American energy independence is crucial to containing the damage of an inflationary cycle. Of course, this information was buried on one of the last pages of the 208-page document.

It seems the administration has failed to craft a five-year plan required in the Outer Continental Shelf Lands Act of 1953 and, in Milito’s estimate, amounts to no leases until “at least fiscal year 2024.” The current offshore oil and gas leases expire at the end of June.

The NOIA and the American Petroleum Institute released a joint report Tuesday concluding domestic oil output would drop by a staggering half-million barrels a day. The energy sector would also lose 57,000 jobs during these precarious times.

The Biden administration has made it clear that economic damage is unimportant when it happens in the pursuit of its environmental goals. This policy that will destroy jobs and make energy prices skyrocket is only going to compound the ever-growing economic woes.

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