Staff Reports
The American Petroleum Institute (API), an oil industry advocacy group, has taken legal action against the Biden administration’s decision to restrict offshore oil and natural gas leases. The API’s lawsuit comes as oil prices have experienced a recent uptick due to concerns over conflicts in the Middle East. CNBC reported that prices rose by 6 percent last week alone.
Ryan Meyers, the API’s Senior Vice President and General Counsel, criticized the Biden administration’s restrictions, calling them shortsighted. He argued that as the demand for affordable and reliable energy continues to grow, the administration is limiting access to abundant energy resources in federal waters. Meyers expressed concern about American consumers becoming increasingly reliant on foreign energy sources due to these restrictions.
— Kenneth Pitts (@kennnethp51d) February 13, 2024
Meyers emphasized the importance of taking action now to ensure future generations benefit from America’s energy advantage. The API’s legal challenge claims the administration’s decision is arbitrary, capricious, and not in accordance with the law. The challenge seeks a review of the plan by the U.S. Court of Appeals for the District of Columbia.
According to The Hill, the Inflation Reduction Act requires the lease of at least 60 million acres for offshore oil and natural gas drilling. The API’s President, Mike Sommers, previously criticized the offshore leasing program, stating that it is part of a broader strategy to reduce energy production and weaken America’s energy dominance. The Biden administration argues that less drilling will be needed due to their plans to boost renewable energy sources and reduce consumption.
