Offshore oil and gas permitting under President Biden has fallen to a low the energy industry has not experienced since the Bush administration two decades ago, according to federal data reviewed by Fox News Digital. Since January 2021, when Biden took office, the federal government has approved applications for permit to drill on just 157 new wells, according to the data compiled by Department of the Interior's Bureau of Safety and Environmental Enforcement .
Given that a production well in the Gulf of Mexico can cost hundreds of millions of dollars in total to develop, decision-makers must be judicious in deciding to develop a lease,' added Milito, whose organization represents both traditional and renewable offshore energy producers. 'Their job is made much more difficult when they cannot depend on a predictable regulatory process.
However, the Department of the Interior proposed a five-year offshore oil and gas leasing program late last month that includes just three lease sales through 2029, the fewest number of offshore lease sales ever proposed by the federal government. 'The proposed final program, with three potential oil and gas lease sales in the Gulf of Mexico is nothing short of a slap in the face to the American taxpayer.
energy production is at an all-time high, reflecting not only industry security but also the Administration’s work to encourage responsible production in existing areas,' DOI spokesperson Melissa Schwartz told Fox News Digital in a statement. 'There are millions of acres of leased, non-producing acres of federal land and waters for oil and gas development.' 'There are similarly thousands of approved permits that industry is letting sit, un-developed,' she continued.
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