President JoeBiden will call on Congress to pass a sweeping 'use it or lose it' provision intended to prevent oil and gas drillers from sitting indefinitely on federal leases without producing.
President Joe Biden called on Congress to pass a sweeping “use it or lose it” provision intended to prevent oil and gas drillers from sitting indefinitely on federal leases without producing, part of his plan for lowering gas prices that also includes a massive release from the Strategic Petroleum Reserve.
Under the proposed legislation,"companies that are producing from their leased acres and existing wells will not face higher fees,” the White House said in a fact sheet released ahead of his remarks."But companies that continue to sit on non-producing acres will have to choose whether to start producing or pay a fee for each idled well and unused acre.”
"No American company should take advantage of a pandemic or Vladimir Putin's actions to enrich themselves at the expense of American families," he added. “If they want to drill, they have places to drill,” she added. “Use it or lose it — let somebody else drill there.”
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