Biden Administration Actions and Gasoline Prices

1/20/21 On the first day in office: 

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. 

11/2/21 Announcesnew regulations for methane emissions which are expected to cost U.S. producers over $1 billion a year. 

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.” 

3/28/22 Proposes emissions standards for trucks that would “regulate conventional trucks out of existence.” 

5/11/22 Announces cancellation of oil and gas leases in Alaska and the Gulf of Mexico.