Obama administration will not open Atlantic coast to drilling
[WASHINGTON] The Obama administration said Tuesday it will not open up drilling on the southeastern Atlantic coast due to current oil market dynamics and strong local opposition.
The US Interior Department is expected to announce Tuesday afternoon that it will not schedule any lease sales offshore in the mid- and south Atlantic after "an extensive public input process."
In addition to market and environmental concerns, the Interior Department has decided to withdraw its plan to open up the Atlantic coast to drilling due to conflicts with competing commercial and military ocean uses.
The decision will reverse the proposal made by the Interior Department in January 2015 for new leases in the Atlantic as part of its five-year plan to set new boundaries for oil development in federal waters through 2022.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop