LMOGA Responds to Lease Sale 257

11 17, 2021 by LMOGA

Louisiana Mid-Continent Oil & Gas Association (LMOGA) Interim President and Gulf Economic Survival Team (GEST) Executive Director, Lori LeBlanc released the following statements regarding the Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Lease Sale 257 held today in New Orleans, Louisiana:

“While today’s lease sale is encouraging news for the Louisiana and Gulf Coast economies, it is concerning that there have been no additional lease sales planned and no indication from the administration on plans for a 2022-2027 5-year program.”

“Gulf of Mexico (GOM) production generates 16% of the nation’s energy with one of the lowest carbon footprints of any basin in the world and is an integral part of meeting our climate goals and consumer energy demands. Any threats to the future of energy development in the Gulf would mean that the nation’s energy supply will be met by foreign oil produced with lesser environmental standards. Offshore energy development and lease sales not only provide jobs to thousands of citizens, but the revenues generated are the primary funding source for critical coastal restoration and hurricane protection projects that help make our communities safer and stronger.”

“The lease sale today is a positive step forward, but what happens next will be critical. Rising fuel costs reinforce the need for smart policies that include oil and natural gas in the U.S. energy mix, and reflect the reality that long-term demand for reliable sources of energy will continue to grow. Now is the time for the administration to recognize that promoting increased dependence on foreign oil threatens American jobs and deprives our state and local communities of much-needed revenue, all while likely increasing the risks of climate change and creating economic uncertainty when we need it most.”