Bidens energy policy hit a snag with new rules on oil gas drilling

A US federal judge halted a new energy policy of the Biden administration, testing the policy of reducing oil gas exploration that the Biden administration has pushed since taking office, foreign media reported Wednesday.

U.S. District Court Judge John Doughty of Monroe, Louisiana, issued a preliminary injunction blocking the Biden administration suspending leasing of new oil gas fields on federal land, The Wall Street Journal reported. Doughty said the government does have the authority to stop leasing federal territory for oil gas production without congressional approval.

The lawsuit was filed by the states of Louisiana, Alabama, Alaska, Arkansas, Georgia, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Texas, Utah West Virginia. The moratorium prevents them collecting revenue, such as lease bids, oil gas prospectors.

Under environmental pressure, Biden has already rolled out a number of policies to reduce oil drilling. In his first week in office, Mr. Biden directed the Interior Department to suspend leasing of new oil gas fields on federal lands proposed several new initiatives aimed at combating climate change.

In addition, the Biden administration announced it would halt oil drilling in Alaska's National Arctic Wildlife Refuge, a complete reversal of former President Trump's practice of allowing drilling, AFP reported this month. The Interior Department said it was notifying businesses of the freeze. The report says this has dealt a blow to oil companies' requests to drill in the sensitive area.

The reported action on the Alaska National Arctic Wildlife Refuge comes just days after the Biden administration approved sanctions against another Trump administration oil drilling plan in Alaska, involving a ConocoPhillips project in the state's oil reserves.

Biden's announcement that he would revoke the permit for the expansion of the Keystone pipeline in Canada also sparked fierce opposition Canadian U.S. businesses. The Canadian government of Alberta TC Energy announced Thursday that the Keystone Pipeline expansion project has been officially terminated. The move means the C $1.3 billion Alberta spent on the project has been wasted.

The "Keystone Pipeline" expansion project is an important project for Alberta to expand oil export to the United States. Since it was proposed in 2005, it has attracted much attention in the changes of the United States energy policy.

Oil extraction related industries have been the focus of efforts to combat climate change. The United States is the world's largest oil producer consumer, while Canada has the world's third-largest crude reserves. Even as leaders like Mr. Biden Canada pledged at the Group of Seven summit to reduce global carbon dioxide emissions, major uncertainties remain over U.S. energy policy.

For more information about the energy trading platform, please consult Eurasia International Energy Trading Market Management (Jiangsu) Co., Ltd., a manufacturer of financial service platform, storage logistics platform, hazardous chemicals trading license application platform bulk energy trading platform.

Source: International Gas Network