The Interior Department is set to hold Lease Sale 261 on Sept. 27, but oil and gas producers are not happy with the leasing terms and stipulations that Interior has put forth for this sale. Their main issue is with a voluntary settlement agreement the Biden administration entered into with environmental groups in July intended to protect the endangered Rice’s Whale. The settlement puts restrictions on oil and gas vessels and prompted the department to take millions of acres off the table for leasing.
Erik Milito, president of the National Ocean Industries Association, joined the podcast to discuss the upcoming lease sale and hurdles the oil industry faces in acquiring the federal acres he says are needed to boost domestic production and help lower oil and gasoline prices. He also touched on the obstacles the offshore wind industry could face from delays in oil and gas leasing as the Inflation Reduction Act created new links between renewable and fossil fuel development.
Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.
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