Biden Administration Offers New Drilling Leases to Bring Down Gas Prices The Biden administration will auction off permits to drill on 145,000 acres of federal land in an effort to relieve pain at the pump.

Biden Administration Offers New Drilling Leases to Bring Down Gas Prices

By Main Street Sentinel Staff

The Biden administration is providing a raft of new onshore oil-drilling leases to help lower US gasoline prices.”

The Interior Department recently announced that it would auction off licenses to drill on 145,000 acres of federal land across nine states. The auction is part of a larger effort by President Joe Biden to relieve pain at the pump caused by Russian President Vladimir Putin’s invasion of Ukraine, which has sent the global price of oil – the main component in gasoline – soaring.

Prior to offering the new drilling permits, Biden had already taken action to ramp up domestic oil production, urging oil companies to increase their output by 1 million barrels a day this year and 700,000 next year. The White House has also called on Congress to make oil companies pay fees on 9,000 previously approved drilling leases that have gone unused; that move came amid reports that oil companies have been more focused on enriching their investors than taking steps that would reduce gasoline prices.

Additionally, Biden recently committed to releasing 1 million barrels of oil per day from the US Strategic Oil Reserve, with gasoline prices falling by 13 cents following the announcement.