With gas prices way up, the Biden administration has just canceled significant oil and gas lease sales pending before the Department of the Interior. CEI energy policy expert Myron Ebell says this will mean higher prices for gas and electricity, further driving up inflation:
“Today’s decisions to cancel auctions for oil leases are just the latest in a long string of actions to reduce oil and gas production on federal lands and offshore areas. In fact, every action taken by the Biden administration has been aimed at lowering domestic production of oil and natural gas. That’s what Joe Biden promised in the 2020 campaign, and he’s delivering what he promised. For consumers, that means higher gasoline prices, higher electric rates, and continuing inflation.
“The Biden administration claims that the auction for offshore oil leases in Alaska was canceled because there was little interest from oil producers, but the reason for little interest is that the Biden administration is working hard to drive investors away from making the multi-billion dollar investments necessary to develop a long-term offshore project.”