President Joe Biden plans to implement a moratorium on new oil and gas leasing on federal land on Wednesday as his administration continues to crack down on fossil fuel development.
Biden is prepared to suspend issuing new drilling permits to oil companies for wells on federal land indefinitely while the Department of the Interior conducts a review of oil development’s impact on climate change, according to The Wall Street Journal. While federal land only accounts for about 9% of onshore U.S. oil production, Biden’s order will have an outsized impact on states such as New Mexico where the federal government controls about a third of the state.
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