Are High Gas Prices Here To Stay?
The Biden administration asked OPEC to ramp up production to help lower prices, but it said no.LEARN MORE
The proposed overhaul stops short of a ban by raising costs for energy companies to drill on public lands and water.
The Biden administration on Friday recommended an overhaul of the nation's oil and gas leasing program to focus on areas that are most suitable for energy development and raise costs for energy companies to drill on public lands and water.
The long-awaited report by the Interior Department stops short of recommending an end to oil and gas leasing on public lands, as many environmental groups have urged.
But officials said the report would move toward a more responsible leasing process that provides a better return to U.S. taxpayers for oil and gas drilling on the nation's vast public lands and waters.
The report completes a review ordered in January by President Joe Biden, who directed a pause in federal oil and gas lease sales in his first days in office, citing worries about climate change.
The moratorium drew sharp criticism from congressional Republicans and the oil industry, even as many environmentalists and Democrats said President Biden should make the leasing pause permanent.
The leasing program has drawn renewed focus in recent weeks as gasoline prices have skyrocketed and Republicans complained that President Biden's policies including the leasing moratorium, rejection of the Keystone XL oil pipeline and a ban on oil leasing in Alaska’s Arctic National Wildlife Refuge contributed to the price spike.
The Biden administration plans to tap into the country's emergency stockpile as gas prices across the nation are averaging $3.40 per gallon.LEARN MORE
President Biden on Tuesday ordered a record 50 million barrels of oil released from America’s strategic reserve, aiming to bring down gas prices amid concerns about inflation. Gasoline prices are at about $3.40 a gallon, more than 50% higher than a year ago, according to the American Automobile Association.
The Biden administration conducted a lease sale on federal oil and gas reserves in the Gulf of Mexico last week, after attorneys general from Republican-led states successfully sued in federal court to lift a suspension on federal oil and gas sales that President Biden imposed when he took office.
Additional reporting by The Associated Press.
Over 200 million barrels of crude oil have been pulled out by President Joe Biden since the beginning of last year — around 40% of what was stored.
The current process of obtaining hydrogen can emit a lot of carbon dioxide into the atmosphere, but scientists have found a new — greener — way.
The Department of Energy said the new initiative marks the largest-ever investment in grid infrastructure.
The women connected with the man online, and shortly after having sex with him they were hospitalized with multiple symptoms.
Aurora Police Officer Nathan Woodyard, who was tried in the death of Elijah McClain, will return to duty and receive back pay.
On Cyber Monday, a record-breaking $940 million was spent using 'Buy Now, Pay Later' services, reaching an all-time high.