The Bureau of Ocean Energy Management (BOEM), an arm of the Interior Department responsible for offshore energy development, has scaled back Lease Sale 261 in the Gulf of Mexico, scheduled for late September. This comes as the final planned federal oil and gas sale, and its impact is raising concerns within the energy industry.
The decision has drawn sharp criticism from industry leaders. Erik Milito, President of the National Ocean Industries Association, expressed concern over the exclusion of extensive and promising acreage that could potentially contribute to energy production.
The reduction in acreage could be detrimental, especially given the current economic climate with rising inflation affecting Americans’ costs, including gasoline prices. BOEM’s move is seen as a setback to America’s energy production capabilities, and industry voices argue that it goes against the country’s energy security needs. [steadfastdaily]
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