The Biden administration has canceled one of the most high-profile oil and gas lease opportunities pending before the Interior Department.
The decision, which halts the potential to drill for oil in over 1 million acres in the Cook Inlet in Alaska, comes at a challenging political moment, when gas prices are hitting painful new highs.
The sun sets behind an oil drilling rig in Prudhoe Bay, Alaska on March 17, 2011. / Credit: Lucas Jackson / REUTERS The delicate political situation was evident after a top environmental official showed her hand in an email that copied a CBS News reporter. Gina McCarthy, the White House National Climate Advisor, wrote that "the Cook inlet sale was canceled. It is not proceeding."
"In the kind of price environment that we're seeing, there are negative consequences to shutting off oil and gas development, both politically and practically," he said.AAAFor environmental groups, the decision was welcome news. The Alaska offshore lease arrangement would have opened drilling opportunities over a span of more than 1 million acres for 40 or more years of production.
Still, any decision that worked against the interests of oil and gas involves political trade-offs. According to a recent, Mr. Biden's approval rating is lowest when it comes to the economy and inflation, with 69% of those surveyed disapproving of his handling of inflation. Sixty-five percent of respondents said they believed the president "could do more" to lower gas prices.
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