(IPANM & Platts) Jan. 27, 2021 – President Joe Biden implemented a moratorium on new oil and gas leases on federal lands and waters through an executive order on Jan. 27 that is expected to have a longer-term impact on US production.

The moratorium represents a pause on new oil and gas leasing “to the extent possible” and also initiates a new review of existing fossil fuel leasing and permitting practices.

“We’re going to review and reset the oil and gas leasing program,” Biden said at the signing ceremony, citing the need to preserve public lands.

New Mexico would be hit the hardest, with 57% of all onshore federal production coming from federal lands located in the state.

For more information, see the Platts news report.