Today the Subcommittee on Energy and Mineral Resources held an oversight hearing on the Biden administration's historic failure to issue a five-year plan for offshore oil and natural gas leasing, conduct timely environmental reviews for future lease sales and promulgate rules or regulations which incentivize responsible development. Committee members also discussed the resulting impacts to energy production, job creation, conservation revenues, and local communities on the Gulf Coast. Subcommittee Chairman Pete Stauber (R-Minn.) released the following statement in response:

“Offshore energy development will play a critical role in returning to America the energy independence we had just 3 years ago. Unfortunately, the Biden Administration continues to fail us by not putting forward a robust offshore leasing program for oil and gas development. Today, this Administration’s proposed five year plan is well over a year past-due, and now risks the prospect of having any lease sales in 2024. This inaction not only hurts the American consumer and the economy by driving up energy prices, it risks our national security and cedes power to foreign adversaries. It’s past time that the Biden Administration does its statutory duty and executes on an offshore leasing program that unleashes the full potential of American energy.”

Background

The Department of the Interior is more than a year overdue in issuing a new five-year program for offshore oil and natural gas leasing. This delay not only jeopardizes energy investment and numerous American industries but also allows our adversaries to take the lead in global energy production.

The Biden administration has not conducted any new lease sales, apart from those required under the Inflation Reduction Act that include inflated royalty rates. This inaction has reduced investment, threatened future supply and disadvantaged domestic producers. Delaying sales undermines efforts to strengthen our energy sector and address the current challenges of rising prices and global competitors.

The delay in completing the five-year program and holding lease sales has left Congress, industry and taxpayers in the dark. Today's hearing was an opportunity for committee members to raise questions about the administration's lack of action and hear from local community members and stakeholders who are most adversely affected by this failure.