The federal oil and gas leasing process plays a critical role in deciding whether, where and when oil and gas resources on public lands are developed, the revenue the government takes in, and the extent to which the local environment is protected. Yet, with the threat of climate change growing increasingly urgent, it is becoming apparent that the terms of U.S. lease agreements are not delivering a fair return for taxpayers and put the environment and public health at risk. Recognizing the need for reforms, President Joe Biden temporarily suspended oil and gas lease sales in January while his administration could review the program—a review that is still ongoing. The Biden administration has also signaled its commitment to clean up abandoned and orphaned oil and gas wells on federal lands, potentially putting displaced oil and gas workers to work cleaning up the wells. And all of this comes against the backdrop of intensified focus on addressing climate change not just within the administration but also in Congress and the broader public debate.

Join EPIC as we host Interior Deputy Secretary Tommy Beaudreau for a conversation on the future of oil and gas drilling on federal lands as the Biden administration focuses on a transition to a clean energy economy. EPIC Scholar and Harris Public Policy Professor Ryan Kellogg will join the conversation. The conversation will be led by The Washington Post’s Juliet Eilperin, and the event will be moderated by EPIC’s Lindsay Iversen.

This event is part of a series discussing timely energy and climate policy challenges with government and industry leaders, and other experts. The topics stem from the U.S. Energy & Climate Roadmap, which presents evidence-based recommendations from University of Chicago scholars to inform climate policy in the new administration and Congress. Ryan Kellogg, joined by EPIC Scholar Thomas Covert, authored a chapter titled “Ensuring Americans Receive Fair Value for U.S. Oil and Gas Resources.” Lindsay Iversen was the Roadmap‘s editorial director.

Areas of Focus: Energy Markets
Definition
Energy Markets
Well-functioning markets are essential for providing access to reliable, affordable energy. EPIC research is uncovering the policies, prices and information needed to help energy markets work efficiently.
Fossil Fuels
Definition
Fossil Fuels
Under current policies, fossil fuels will play an important role in the energy system for the foreseeable future. EPIC research is exploring the costs and benefits of these fuels as...
Ensuring Americans Receive Fair Value for U.S. Oil and Gas Resources
Definition
Ensuring Americans Receive Fair Value for U.S. Oil and Gas Resources
Federal mineral leasing could deliver higher returns for taxpayers and better protect the environment if policymakers increased royalty rates and minimum bids, eliminated deductions, shortened primary terms, and strengthen bonding...