by Thomas Catenacci
President Joe Biden’s budget framework released this week appeared to suggest the federal government will not hold any offshore lease sales for at least another 18 months.
The Department of the Interior (DOI) projected offshore oil and gas lease revenues to decline from $395.5 million in fiscal year 2022 to just $25 million in 2023, a nearly 94% year-over-year decrease, according to the budget. The estimate, which marks a significant departure from U.S. energy policy stretching back years, was relegated to page 201 of the agency’s 208-page budget proposal.
It wasn’t immediately clear how the $25 million in revenue would be generated.