Biden admin weighs complete block on offshore oil drilling as gas prices keep rising

The Biden administration is nearing a decision on the future of federal offshore fossil fuel drilling and hasn't ruled out a complete block on new leases.

On Thursday, the 90-day comment period for the Department of the Interior's (DOI) proposed five-year offshore leasing plan ended, paving the way for the agency to issue a final decision. In July, the DOI unveiled the plan which gutted a Trump administration proposal, ruling out any leasing in the Atlantic or Pacific and opening the door to an unprecedented scenario where no lease sales would be held through 2028.

"The ability of U.S. producers to provide more oil and natural gas supplies to the world market has also changed geopolitical dynamics for the better, resulting in greater energy security for the U.S. and its allies, in addition to global environmental benefits," Cole Ramsey, the vice president of upstream policy at the American Petroleum Institute (API), said Thursday.