May 24, 2022
Biden Administration Actions and Gasoline Prices
1/20/21 On the first day in office:
- Issues memo suspending the authority of the local Bureau of Land Management offices to approve leases, drilling permit, and mining operations.
- Cancels the Keystone XL pipeline, killing 11,000 jobs.
- Reinstates Obama-era energy regulations and begins the process of rolling back Trump-era regulations.
1/27/21 In the first week in office, signs executive order to “eliminate fossil fuel subsidies” and halt oil and gas leasing on federal lands and waters.
2/26/21 Updates the “social cost of greenhouse gas emissions.”
6/1/21 Suspends oil and gas leases in the Arctic National Wildlife Refuge.
8/11/21 Calls on OPEC+ producers to increase supply to help curb rising oil prices.
11/17/21 Sends letter to Federal Trade Commission Chair Khan encouraging an investigation into oil and gas companies and retail gasoline prices.
11/26/21 Explores multiple policies that would target American-made energy:
- Proposed increasing royalty rates on domestic oil production and limiting areas available for development, which would ultimately make it more expensive to drill for oil and gas on public lands.
- Acknowledged it was “studying” shutting down the Line 5 Pipeline in Michigan.
2/19/22 Indefinitely delays planned oil and gas lease sales on public lands.
3/1/22 DOJ declines to appeal a court ruling vacating oil and gas lease sales.
3/8/22 Announces ban on Russian oil and gas.
3/21/22 Proposes new rule to mandate companies to “disclose greenhouse emissions from their entire supply chain.”
- The rule will likely be costly for businesses and make it more difficult for U.S. oil and gas companies to fund their operations.
- Starving U.S. oil and gas producers of financing could “have the unintended consequence of driving most of the production to national oil companies,” foreign state-owned or controlled oil companies such as PetroChina and Venezuela’s PDVSA.
5/11/22 Announces cancellation of oil and gas leases in Alaska and the Gulf of Mexico.