Joe Biden announced more cancellations of oil and gas leases on federal land nationwide this week as gas prices hit a new record high.
On Wednesday, the Department of Interior canceled leases and plans for drilling in the Gulf of Mexico and in Alaska’s Cook Inlet. The cancellations eliminate the prospect of domestic energy production on more than 1 million acres. The department cited “conflicting court rulings” and “lack of industry interest” as reasons for the cancellations.
An “environmental advocate” told CBS News on condition of anonymity that the Biden administration does not want to be blamed by Republicans for rising fuel prices. That person said that as the most visible sign of inflation, gas prices are “killing” the White House.
The Biden administration only resumed issuing oil and gas leases last month after being ordered to do so by a federal court. However, it only made 20 percent of available land open for leasing and increased royalties by 50 percent.
White House “climate advisor” Gina McCarthy told MSNBC that Biden is still “absolutely committed” to stopping any additional drilling on federal land.
Even though the demand for energy continues to surge, the White House’s aggressive battle against fossil fuels has stifled investment that typically requires large capital and labor investments over the long-term.
After canceling access to billions of barrels of recoverable oil in the Arctic National Wildlife Refuge upon taking office, Biden closed off another 7 million acres in Alaska last month.
Lipow Oil Associates president Andy Lipow told Fox Business that the average gas price could soon skyrocket past $4.50 per gallon.
Record fuel prices are hitting Americans as inflation overall continues to run at 40-year highs. The Department of Labor reported on Wednesday that the consumer price index for March indicated an increase over the last 12 months of 8.3 percent. Wholesale prices rose by 11 percent in March over last year.
Meanwhile, Joe Biden continues to blame COVID-19 and the Russians for the inflation hammering working Americans, even as he continues to cripple American productive capacity and spend money the country does not have.