Energy & Environment

Interior reinstates offshore oil leases after requirement in Democratic bill

The Interior Department announced on Wednesday that it had reinstated several companies’ rights for new offshore oil exploration because of the climate, tax and health care law passed into law last month.

The Inflation Reduction Act required the Interior Department to reinstate the bids for new oil and gas leasing in the Gulf that had previously been struck down in court. 

The provision was added as a concession to get Sen. Joe Manchin (D-W.Va.) to back the bill.

Manchin touted the move in a new written statement.

“I made sure the Inflation Reduction Act reinstated this lease sale to ensure we are able to provide our domestically produced energy, and I look forward to working with the Department of Interior and the entire Administration to continue implementing the Inflation Reduction Act policies to benefit all Americans,” he said. 

The Bureau of Ocean Energy Management said Wednesday that it had reinstated 307 bids worth nearly $190 million.