You do realize that the off shore timeline from lease to production, assuming the exploration of the area leased begins immediately and leads to a determination of a viable amount of oil to be recovered (neither of which is guaranteed), is anywhere from 4 to 10 years. So the lease sales canceled would do absolutely NOTHING for the US gas supply and prices until 2026 - best case, and likely not until 2028. As it is, oil companies are sitting on a lot of unused/unexplored leases that they already acquired. But from the standpoint of the following the “gold standard” for American CEOs - increasing shareholder value - keeping supply limited is a good thing. Maybe you should be asking them and not the Biden Administration.
You do realize that the off shore timeline from lease to production, assuming the exploration of the area leased begins immediately and leads to a determination of a viable amount of oil to be recovered (neither of which is guaranteed), is anywhere from 4 to 10 years. So the lease sales canceled would do absolutely NOTHING for the US gas supply and prices until 2026 - best case, and likely not until 2028. As it is, oil companies are sitting on a lot of unused/unexplored leases that they already acquired. But from the standpoint of the following the “gold standard” for American CEOs - increasing shareholder value - keeping supply limited is a good thing. Maybe you should be asking them and not the Biden Administration.