Biden Cancels Scheduled Sale of Gulf Oil Leases

We are going out on a limb here but I don't think President Joe Biden will be on the Louisiana Oil and Gas Association's Christmas card list this year. That's because LOGA and many other organizations that work within the "oil patch" are not too pleased with the nation's Chief Executive.

Mr Biden has already imposed a 60-day ban on new oil and gas leases on public lands and waters. Now, the President has cancelled an oil lease sale that was scheduled to take place in New Orleans tomorrow. That cancellation means that about 80 million acres of available leases won't be getting sold.

Oil and gas industry experts had hoped that the President's 60-day ban, which is close to expiring would mean a lessening of restrictions when it does. Now, with the cancellation of the March 17th sale of leases the state's oil and gas economical future has gotten even more clouded.

Louisiana Governor John Bel Edwards has sent a letter to the President explaining how the 60-day ban and other oil and gas restrictions are crippling a major driving force in our state's economy. Industry analysts suggest that almost a quarter of a billion jobs are dependant on oil and gas production from the Gulf of Mexico. About 98,000 of those jobs are reported to be Louisiana offshore jobs.

Obviously, the oil and gas industry can't just stop and start on a dime. The longer the President delays or keeps oil producers in limbo the more difficult it will be for them to restart operations or begin new projects.

President Biden's ban on new oil and gas leases on public lands was issued on January 27th. It is scheduled to end in late March unless new restrictions are added or the old ones are extended.

Hmm, I wonder if we need to add a "certain" Chief Executive's name to this list.