The administration is pressing ahead … to expand energy development and scale back federal environmental rules over the next few weeks … (and) auction off oil and gas rights to more than 383,000 acres of federal land in the Lower 48 in the next two months.
Some major banks, including JPMorgan Chase and Goldman Sachs, (however), have already announced they will not finance projects in the refuge.
Rystad Energy published an analysis saying that going forward, “companies will be less willing to drill high-risk wells in environmentally sensitive frontier areas, both for financial and environmental reasons.”
The Bureau of Land Management’s leasing plans have suffered a series of legal setbacks, “Once again, the courts are refusing to accept BLM’s blatant climate denial,” WildEarth Guardians staff attorney Daniel Timmons said in a statement. “The law is clear, the federal government can’t turn its back on the fact that leasing more public lands for oil and gas is a recipe for more climate destruction.”