Biden Administration Cancels Drilling Sales in Alaska and Gulf of Mexico
WASHINGTON — The Biden administration is canceling oil drilling lease sales in the Gulf of Mexico and Alaska’s Cook Inlet, triggering furious responses from Republicans, who are blaming President Biden’s energy policies for high gas prices.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.