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US to offer minimum acreage required at Alaska oil and gas auction

The U.S. Department of the Interior has announced plans to offer the minimum amount of land required by law for oil and gas leasing in Alaska's Cook Inlet, as part of the upcoming federal offshore oil and gas lease sale scheduled for December 30, 2023. This decision follows a court order stemming from a lawsuit by the state of Alaska and oil companies, which challenged the Biden administration's efforts to limit oil and gas activities in the region. The lease sale will cover approximately 956,000 acres, significantly less than the over 1 million acres initially proposed, reflecting the administration's commitment to environmental considerations while adhering to legal obligations. This move is part of a broader strategy to balance energy development with conservation, especially in light of recent legislative changes like the Inflation Reduction Act, which ties renewable energy development to oil and gas leasing.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/us-to-offer-minimum-acreage-required-at-alaska-oil-and-gas-auction/ar-AA1vyQBg ]