"A progressive advocacy group is accusing oil and gas companies of sitting on federal leases to boost their balance sheets.

In a report released today, the Center for American Progress alleges that companies routinely scoop up oil and gas leases without actually developing them in order to elevate their financial profile. Federal agencies enable the activity, the report says.

'This data shows that the current regulatory model for oil and gas leasing is inadequate,' report author Mark DeSantis said in a statement. 'It allows these companies to benefit from undeveloped resources at the expense of public lands that are being poorly managed for future generations.'"

Ellen M. Gilmer reports for Greenwire August 29, 2018. [2]

SEE ALSO:

"Oil and Gas Companies Gain by Stockpiling America’s Federal Land" (Center for American Progress) [3]