Oil Industry Could Suffer Catastrophic Job Losses Due to Biden Opposition to Drilling

Meanwhile, Biden is refusing to issue oil drilling leases for the Gulf of Mexico at least until next year. Despite it doing next to nothing, none of this will stop him from releasing oil from the U.S.’s oil reserve.

Oil Industry Report Warns Of Massive Job Losses From Biden’s Anti-Drilling Agenda

Thomas Cattenacci, Daily Caller, March 29, 2022

The Biden administration’s failure to pursue a plan for offshore oil and gas leasing will have long-term impacts on American jobs, gross domestic product (GDP) and energy security, an industry report found.

American oil production would decline by roughly 500,000 barrels per day and at least 57,000 energy industry jobs would be lost if the administration declined to issue a five-year leasing plan by July, according to a report published Tuesday by the American Petroleum Institute (API) and National Ocean Industries Association (NOIA). U.S. GDP would decline $5 billion per year under the projection, the study further showed.

“If this delay persists, the impacts will likely continue to grow, reducing long term oil and natural gas development and production in the region and the economic activity and government revenues that activity supports,” the report stated.

The Department of the Interior (DOI) is required, under the Outer Continental Shelf Lands Act of 1953, to formulate and publish five-year plans detailing prospective offshore oil and gas lease sales. Without a plan in place, the federal government would be unable to hold any offshore lease sales.

But the Biden administration hasn’t moved forward on a new plan even as the current one is set to expire in June, according to a recent Congressional Research Service report.