Last Friday, the Biden administration announced it will approve just three offshore oil and gas lease sales through 2029. On the heels of record-high gas prices and global energy volatility, this announcement raises substantial concerns about implications for American energy production and, ultimately, the cost for consumers. When the government announces a move on Fridays, it often means they hope it goes unnoticed—or ignored.
Biden’s plan will be the smallest offshore lease program in U.S. history and only narrowly meets standards set by Congress to protect U.S. energy production. For an industry that plays a vital role in meeting the nation’s energy needs, this limitation could decrease energy supply, potentially leading to energy shortages and higher prices.
The decision to roll out the smallest offshore leasing program in U.S. history highlights just how misguided the administration’s energy policies are. The Biden administration is committed to the flawed thinking that hampering oil and gas production promotes renewable energy when, in fact, the opposite is true. Energy experts have long touted the symbiotic relationship between oil and gas and renewables. In fact, renewables are not yet a viable source of energy without fossil fuels serving as a foundational safety net.
American consumers will pay the price for Biden’s policies. Less oil and gas production does not mean less oil and gas demand. Our nation runs on oil and gas and will for many decades to come. Restricting production only means two things: higher costs and more reliance on foreign countries.