Action in compliance with the Inflation Reduction Act.
The Department of the Interior reinstated an offshore oil and gas lease sale that was invalidated by a federal judge earlier this year. Though environmental groups wanted an end to the federal leasing programs, the Bureau of Ocean Energy Management (BOEM) has confirmed the reinstatement. This action complies with a directive from Congress provided in the Inflation Reduction Act that the lease sale be reinstated within 30 days of passage.
The management agency accepted 307 highest valid bids for tracts in the Gulf of Mexico auctioned for a total of $189,888,271. The bureau originally held the lease sale in November 2021, but it had been invalidated in January 2022. The American Petroleum Institute, an industry group representing oil and gas companies, appealed the ruling, while President Biden’s administration declined to appeal.
The environmental groups have indicated a readiness to take additional legal action against the reinstatement of the lease sale.
As the Lord Leads, Pray with Us…
- For Director Amanda Lefton as she guides the Bureau of Ocean Energy Management.
- For BOEM officials as they comply with the directives of Congress.
- For the president and his advisors as they craft energy policies.
Sources: Washington Examiner, Bloomberg News
