Sunday, October 24, 2021

North Dakota sues federal government over canceled oil and gas leasing

Must read

imageCommodities1 hour ago (Jul 08, 2021 01:05PM ET)

(C) Reuters.

NEW YORK (Reuters) – North Dakota is suing the U.S. government on claims the Department of the Interior and the Bureau of Land Management illegally canceled oil and gas lease auctions in the state.

The complaint, filed late Wednesday with the United States District Court for the District of North Dakota Western Division, said March and June auctions nixed by the federal agencies cost the state $80 million in lost revenues.

“I have taken this action to protect North Dakota’s economy, the jobs of our hard-working citizens, and North Dakota’s rights to control its own natural resources,” North Dakota Attorney General Wayne Stenehjem said in a statement.

North Dakota is the second-biggest crude oil producing U.S. state, with the bulk of its tax revenues produced by oil and gas activity. The amount of lost revenue caused by canceled leases could grow to into billions of dollars in the coming months, the state argued.

The Bureau of Land Management and Department of the Interior were not immediately available for comment.

The lawsuit follows a ruling by a federal judge in Louisiana last month blocking the Biden administration’s pause on oil and gas leasing on public lands and waters.

The order granted a preliminary injunction to Louisiana and 12 other states that sued Democratic President Joe Biden and the Interior Department over the leasing freeze, a key element of the White House’s effort to address climate change.

North Dakota sues federal government over canceled oil and gas leasing

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Latest article

SUBSCRIBE HERE