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Biden administration cancels new oil leases even as gas prices hit record highs

President Joe Biden canceled three pending oil and gas drilling leases in Alaska and the Gulf of Mexico this week as gas prices hit record highs.

Biden has taken heavy fire for blocking new leases and pipelines as energy costs have surged but has defended his record. This latest development intensified that criticism.

“It’s day 477 of the Biden administration, we have record gas prices, and they have still not leased one acre of land to drill oil,” Rep. Dan Crenshaw, R-Texas, said.

The Department of Interior announced the decision late Wednesday, saying there was not enough industry interest in the areas. Experts argue the Biden administration’s fight to cancel all oil and gas leasing has made it risky and unappealing for the oil and gas industry to begin new investments in the U.S. The Alaska lease had difficulty receiving interest at certain points in the past before Biden took office.

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