Earlier this week, President Joe Biden signed an executive order that puts a moratorium and oil and gas leases along with permits on federal lands and waters.

With this move, the oil and gas industry is again facing a tumultuous time. Biden also signed an executive order, on his first day on the job, halting the Keystone XL pipeline with an estimated loss of 11,000 jobs. So what will a moratorium on leases mean to the industry? Industry experts say it will result in the loss of thousands of jobs for an industry that has taken a beating in recent years.

U.S. Senator John Kennedy says he and more than two dozen other senators want a meeting with the President to discuss the impact all of these actions will have on the industry.

Senator Kennedy sent a letter to the President detailing the multiple ways in which Louisiana and others with a stake in the industry across America, are going to be impacted by these changes. See a copy of the full letter, you can click here.

He says,

Your actions will have grave consequences for our constituents, and taking these actions on your very first week as President, with no input from those of us who represent these hard working Americans is counter to the desires of the American people who want practical, bipartisan solutions to our nation's challenges, and who want policies that support working families.

Gulf Coast Region Director of the American Petroleum Institute, Gifford Briggs, tells Kpel that there is little doubt that this will impact the industry. He says investors will not be willing to take a chance on projects for the future when that future is in question.

Senator Kennedy says they are willing to work together on solutions "including working for a cleaner future, and protecting our hard working men and women."

 

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