Washington, DC. – Energy Fairness Executive Director Paul Griffin made the following statement regarding the Biden Administration’s announcement that it would impose a ban on the issuance of oil and gas leases over Federal lands.
“A ban on future Federal oil and gas leases would be a dramatic step backward for the U.S. march towards more sustained energy security. America was finally looking within and to its Federal lands to help fulfill almost all its energy needs, but now may need to once again rely on unstable regimes.
The moratorium would also be deeply damaging to the economic security of New Mexico, Colorado, and other states in the Intermountain West. In New Mexico – one of the most poverty-stricken – a ban could wipe out more than 20% of the state’s budget, 5% or 62,000 jobs, and $1.1 billion in lost tax revenue. In Wyoming, 51% of the state’s oil production and a whopping 92% of its natural gas production could be impacted resulting in a $700 million annual loss in revenue to its schools. For Colorado, the projected loss to the state’s coffers with the ban would be $546 million over the next three years.
After making great advances over the last four decades to achieve energy independence and economic security, in one bold stroke of the pen, the Biden Administration has seriously put into question whether we will have either moving forward.”