NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Trump administration shelves more oil and gas lease sales

Published 02/06/2020, 00:50
Updated 02/06/2020, 00:55
© Reuters. U.S. President Trump delivers statement on protests over racial inequality at the White House in Washington
CL
-

By Nichola Groom

(Reuters) - The Trump administration has backed off its regular oil and gas lease sale schedule, postponing at least two auctions that had been set for later this month after delaying a major sale in New Mexico in May, according to an official web site.

The moves mark a shift for the U.S. Department of Interior, which had proceeded with a slew of oil and gas lease sales on public lands earlier this year as the outbreak of the coronavirus caused energy prices to crash.

Drilling on federal lands is a crucial part of President Donald Trump's "energy dominance" agenda to maximize domestic production of fossil fuels.

The U.S. Bureau of Land Management, the arm of the Interior Department that oversees lease sales, postponed a sale of seven oil and gas leases on more than 10,000 acres in Nevada that had been scheduled for June 9. It is also delaying the sale of two parcels on 88 acres in Mississippi that had been expected on June 18, according to the online auction platform EnergyNet.

A Utah sale of four parcels on more than 4,000 acres scheduled for next week was also removed from the EnergyNet's calendar. BLM officials in Utah had not initiated a 10-day public protest period required before a sale may proceed.

BLM officials did not respond to questions about the status of the sales.

Last month, the administration abruptly postponed an auction of oil and gas leases in New Mexico without providing a reason. It would have been the first government oil and gas auction since U.S. crude oil futures briefly plunged below zero for the first time in history in April.

© Reuters. U.S. President Trump delivers statement on protests over racial inequality at the White House in Washington

BLM offices in two other states - Wyoming and Colorado - still have lease sales scheduled for late June.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.