"Biden Plans Sweeping Effort To Block Arctic Oil Drilling"

"WASHINGTON — The U.S. set aside 23 million acres of Alaska’s North Slope to serve as an emergency oil supply a century ago. Now, President Joe Biden is moving to block oil and gas development across roughly half of it.

The initiative, set to be finalized within days, marks one of the most sweeping efforts yet by Biden to limit oil and gas exploration on federal lands. It comes as he seeks to boost land conservation and fight climate change — and is campaigning for a second term on promises to do more of it.

The changes wouldn’t affect ConocoPhillips’s controversial 600-million-barrel Willow oil project in the National Petroleum Reserve-Alaska. But oil industry leaders say the plan is more expansive than initially anticipated and threatens to make it nearly impossible to build another megaproject in the region."

Jennifer A. Dlouhy reports for Bloomberg News April 12, 2024.

Source: Bloomberg, 04/15/2024