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The sale of oil and gas drilling rights in the Arctic National Wildlife Refuge (ANWR) was supposed to bring in upwards of $1 billion, but in the end, the first of the auctions mandated by Congress at the urging of President Trump brought in only $14M.
Why This Matters: Banks won’t underwrite Arctic drilling, so it is unclear those ANWR leases will be drilled ever.
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On Friday, the Treasury Department proposed a rule that states that “decisions by banks to not serve a specific customer should be based on individual risks, rather than a categorical exclusion.” according to The Hill.
Why This Matters: This kind of government mandate overriding the free market smacks of, well, socialism or cronyism or both. And while oil ad gas companies are now hurting, they’ve reaped billions from our dependence on oil and gas for fuel.
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On Monday the Interior Department took the next step toward opening up the Arctic National Wildlife Refuge (ANWR) to oil and gas drilling — they are rushing the process to auction off oil and gas drilling rights there before President Trump leaves office on January 20th, numerous outlets reported.
Why This Matters: A Biden spokesperson said that this move “will not deter him from fulfilling his commitment to preserving America’s national treasures and the local economies and communities they support,” according to the Wall Street Journal.
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The Trump Administration finally released the results of a long-awaited study on the cumulative impacts of oil and gas development in the Arctic on the endangered polar bear population and, not surprisingly, it was bad news for the bears.
Why This Matters: The head of an agency should review a major work product before it is released to the public. But delaying the release of a scientific report for months because it does not square with the administration’s policy viewpoint is another matter altogether.
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The Trump Administration announced that it intends to open millions of acres of national forest land for oil and gas drilling, and they will not evaluate whether the areas being opened will cause any environmental impacts, nor will they give the public advance notice, The Hill reports.
Why This Matters: The Trump team seems to be speeding up their desperate efforts to help fossil fuels as the first (and hopefully only) term nears an end. There is no economic or national security rationale for this.
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This week, the President’s Interior Department moved forward with a plan to allow oil and gas drilling in one of the most pristine areas remaining on the planet — the Arctic National Wildlife Refuge. The Refuge is home to numerous iconic wildlife species such as caribou, polar bears, waterbirds, arctic foxes, black and brown bears, […]
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