President’s 60-day pause on oil and gas leases is cause for concern

President’s 60-day pause on oil and gas leases is cause for concern

  • Post published:January 27, 2021
  • Post category:News

President Biden’s administration is expected to announce a 60 day suspension of new oil and gas leasing and drilling permits for U.S. lands and waters. The move is an abrupt reversal of Trump administration policies on energy and sent a shiver down the spine of New Mexican energy producers. The order does not outright ban new drilling or existing production sites but will restrict the leases and permitting of future production on federal land. The order also applies to coal leases and permits, and the approval of new mining plans. For New Mexico, who relies on the oil and gas industry to fund over 40% of the budget, this order could develop into a serious issue for all residents. Half of New Mexico’s oil and gas production takes place on federal lands and amounts to billions in state funding. 

NMBC CEO and Founder Carla Sonntag spoke with the Epoch Times on the issue. “Even general businesses are very upset—they understand the impact on the state’s budget,” she told The Epoch Times. “More importantly, if they are an industry that is related to oil and gas, if they’re a support industry providing services or supplies, they’re very concerned about how their business will continue.” Click HERE to read the full story.