Biden’s Oil and Gas Plan : 

In a separate development, The Wall Street Journal reported that President Biden has leased a relatively small number of federal lands for oil and gas development during his first 19 months in office. Only one president since the end of World War II leased fewer federal acres for such purposes, with President Truman being the exception due to the timing of federal leasing on the Outer Continental Shelf. President Biden recently released a five-year Outer Continental Shelf leasing plan that reduces the number of lease sales compared to his predecessor, President Trump. 

Furthermore, President Biden has faced legal challenges to his oil and gas leasing policies, with federal courts declaring some of his actions, such as the ‘pause’ on leasing, to be illegal. This has led to ongoing debates about the administration’s approach to energy development. 

In addition to these factors, concerns about inflation have arisen, partially driven by rising gas prices. The decision by Saudi Arabia and Russia to reduce daily oil production may further contribute to the potential for higher oil prices in the near future. 

It’s important to note that President Biden’s energy and environmental policies have been a subject of debate, with restrictions on onshore federal oil and gas leasing, drilling, and development, as well as decisions related to mineral and uranium deposits, attracting attention from various stakeholders. These decisions come in the context of efforts to transition toward renewable energy sources while also addressing the country’s energy needs.