The Independent Petroleum Association of America (IPAA) has issued the following statement in response to the announcement of the Biden Administration’s plan to remove millions of acres of U.S. oceans from potential oil and gas drilling, barring the sale of new oil and gas leases along the Atlantic coast, the Pacific coast, the eastern Gulf of Mexico and portions of the northern Bering Sea:
'President Biden’s decision to ban new offshore oil and natural gas development across approximately 625 million acres of U.S. coastal and offshore waters is significant and catastrophic. While it may not directly affect the currently active production areas in the Outer Continental Shelf (OCS) and adjoining coastal areas, it represents a major attack on the oil and natural gas industry. This should be seen as the ‘elephant’s nose under the tent.’ The ban severely limits potential for exploration and development in new areas therefore chocking the long-term survivability of the industry.
'This move is a first step towards more extensive restrictions all across our industry in all U.S. basins including the onshore. If the activists come for anything, they are coming for everything. The policy is catastrophic for the development of new areas for oil and natural gas but, the environmentalists will eventually look to also shut down offshore wind farms for most of the same reasons. President Biden and his allies continue to push anti-energy policies that will hurt Americans.'
Source: IPAA
