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Biden Revives Biggest Offshore Oil, Gas Lease Sale in U.S. History

Biden Revives Biggest Offshore Oil, Gas Lease Sale in U.S. History | 18 Aug 2022 | When Joe Biden signed the Inflation Reduction [sic] Act into law on Aug. 16, his signature opened the door to reinstating the largest oil and gas lease sale in U.S. history, which had been blocked by a court because of climate impact concerns. The Inflation Reduction Act includes provisions that direct spending, tax credits, and loans to bolster technologies such as solar panels and equipment to cut pollution at coal- and gas-powered power plants. But the legislation also contains a provision that reinstates the previously halted Lease Sale 257, the biggest offshore oil and gas lease in U.S. history, spanning nearly 81 million acres in the Gulf of Mexico.