XOM - Biden reopens public lands to new oil and gas leases

During Biden's campaign, he pledged repeatedly to halt the process of auctioning off leases for oil and gas drilling on public lands. And shortly after taking office, the President followed through on the campaign promise, freezing new oil and gas lease auctions. However, Friday the Interior Department announced plans to make 144,000 acres of public land available to the energy industry for drilling.   The 144,000 acres to be made available is 80% less than what was under evaluation, and will come at a steeper price. Existing leases charge operators 12.5% of revenue for the opportunity to drill; upcoming auctions will charge operators an 18.75% royalty. The Interior Department is set to release final environmental assessment and sale notices for upcoming lease auctions as early as next week.  The move marks a pivot from the Administration. Since the war in Ukraine began, the White House and industry have largely pointed fingers,

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Biden reopens public lands to new oil and gas leases