U.S. to cancel Trump-era Alaska oil and gas leases

The U.S. Interior Department has announced the cancellation of oil and gas leases in the Arctic National Wildlife Refuge (ANWR) that were sold to the Alaska Industrial Development and Export Authority (AIDEA) during the final days of former President Donald Trump’s term. President Joe Biden has been focused on protecting the 19.6 million-acre ANWR to preserve its wildlife and combat climate change.

The leases were granted just one day before Biden’s inauguration.

This decision has been applauded by environmentalists but criticized by some Alaskan officials who sought to open up drilling in the reserve to secure jobs and revenues for the state. It’s part of Biden’s broader agenda to limit oil and gas activities on public lands to address climate change.

The Interior Department will also prohibit new leasing on over 10 million acres in the National Petroleum Reserve in Alaska, the largest undisturbed public land in the United States. This move represents another step in Biden’s effort to combat climate change by reducing oil and gas production on public lands.

However, it’s worth noting that Biden is also under pressure to ensure domestic fuel supplies and keep pump prices low. Earlier this year, his administration approved a $7 billion ConocoPhillips drilling project in Alaska, which drew criticism from the United Nations for not aligning with efforts to transition away from fossil fuels.

AIDEA has stated that it will challenge the cancellation of the leases in court, arguing that the Interior Department’s decision is based on campaign rhetoric and disregards federal law.

This decision marks the latest development in the ongoing debate over drilling and environmental protection in Alaska’s sensitive ecosystems, and it reflects the Biden administration’s commitment to addressing climate change by curbing fossil fuel extraction on federal lands.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Eramet to start production at Centenario Lithium Plant in Argentina by November

France’s Eramet aims to commence production at its new Centenario lithium plant in Argentina in November, with a target to ramp up to 24,000 metric tons of battery-grade lithium by mid-2025. This announcement comes after the plant entered its final testing phase. The $870 million facility, a joint venture with Chinese nickel…

EU unveils ambitious economic security plan to safeguard against global risks

The European Union is gearing up to present a series of initiatives aimed at bolstering its economic security and screening foreign investment in sensitive industries. The move is part of the EU’s strategy to reshape itself into a global power capable of leveraging its massive single market to…

APA Corp. expands shale presence with $2.6 billion acquisition of Callon Petroleum

APA Corp. has announced its agreement to acquire Callon Petroleum Co. for $2.6 billion in an all-stock transaction. The deal includes the retirement of Callon’s existing debt, amounting to approximately $1.9 billion, resulting in an enterprise value of $4.5 billion. APA Corp., formerly known…

Stay informed

error: Content is protected !!