New Interior Department plan to increase offshore lease sales will help lower prices, increase supply – CEI experts

Yesterday, Interior Secretary Doug Burgum issued a Secretary Order that would replace the Biden administration’s 2024–2029 National Outer Continental Shelf Oil and Gas Leasing Program with a new five-year offshore drilling plan that would greatly expand the number of lease sales. This new proposed 2026-2031 National Outer Continental Shelf Oil and Gas Leasing Program could include as many as 34 lease sales covering approximately 1.27 billion acres. According to Interior, the proposal will be published in the Federal Register on Monday, November 24, and provide the public with 60 days to comment.

The following are statements from CEI energy experts Daren Bakst and Paige Lambermont:

“The Biden administration was openly antagonistic to unleashing America’s energy resources and bragged about restricting lease sales. The Trump administration, to its credit, recognizes the importance of unleashing our nation’s energy resources. The proposed plan will greatly expand the number of lease sales and help to both increase energy supplies and reduce prices. This move sends a clear signal that affordable and reliable energy will be embraced rather than attacked.” – Daren Bakst, Director of CEI’s Center for Energy and Environment

“The Trump Administration’s proposal to increase the number of offshore lease sales is a prudent move. Expanding access to our oil and gas resources will signal to industry that it is a stable investment environment and ultimately make the US less dependent on the whims of other countries, especially those in OPEC+ who manipulate prices.” – Paige Lambermont, Research Fellow

More from CEI:

• Biden’s last-minute oil drilling ban should be undone by Congress
• House Poised to Vote on Legislation to Reverse Biden’s Attacks on Oil and Gas Lease Sales