President Biden won temporary permission to again pause energy leasing on federal lands and waters , after the 5th U.S. Circuit Court of Appeals on Wednesday found a district court's order against the moratorium too vague to review.
The circuit court rejected the previous injunction forcing a restart of leasing from the Gulf of Mexico to Alaska and ordered the judge to revisit the issue.
The decision would appear to contradict the just-enacted Inflation Reduction Act, which requires the U.S. Department of the Interior to hold two auctions of oil and gas leases in the Gulf of Mexico; the law also makes future renewable energy projects on federal lands and waters contingent on the leasing.
ETFs: ( NYSEARCA: XLE ), ( XOP ), ( VDE ), ( OIH ), ( IEO ), ( DRIP ), ( CRAK )
The Biden administration first suspended the government's new leases in January 2021 .
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Federal judge reinstates pause on federal oil and gas leasing