The Cruz-Arrington bill (pasted below), which would reverse the Biden oil and gas leasing bans, raises some interesting political questions:
- Will Florida Republicans support this first step toward leasing offshore Florida, even if only tracts >100 miles from shore would be offered?
- Will Mid- and South Atlantic State Republicans support the bill?
- Will some Democrats, particularly those representing interior states, support the bill?
I suspect that the answer to each question is no, which means the bill will be difficult to pass.
If the bill should pass, President Trump would presumably nullify his own Atlantic and Eastern Gulf withdrawals, which would otherwise remain in effect through 2032.
50 wells were drilled in the Atlantic between 1975 and 1985. The drilling followed the oil embargoes, gas lines, and price surges in the 1970s. Waiting for similar turmoil to overturn the leasing bans would not be prudent given the time that is needed to issue, explore, and develop leases. The optimal approach would be limited, staged leasing to better assess the resource potential in these areas.
Bud's Offshore Energy (BOE) 