Secretary of the Interior, Doug Burgum, has instructed the Bureau of Ocean Energy Management (BOEM) to proceed with the next oil and gas lease sale in the Gulf of America. The Outer Continental Shelf, recognized as a significant source of oil and gas for the nation's energy supply, contains an estimated 29.59 billion barrels of oil and 54.84 trillion cubic feet of gas according to BOEM's recent assessments.
"Unlike under President Biden, we will not leave our critical energy resources locked up when so many Americans are suffering through the unnecessarily high cost of living imposed by the previous administration," Secretary Doug Burgum stated. "Unleashing America's energy resources will lower prices at the pump, at the grocery store and across all aspects of American life while strengthening our national security."
Revenues from Outer Continental Shelf oil and gas activities, including lease sales, rental fees, and royalties, contribute billions of dollars to the U.S. Treasury and various state programs. These funds aid conservation, outdoor recreation, and support the federal government's daily operations. Offshore development is a substantial contributor to state and federal revenues, financing critical infrastructure, education, and public services. BOEM plans to release a proposed notice of sale by June 2025.
Energy independence plays a crucial role in U.S. economic strength and security. Expanding offshore oil and gas capabilities helps ensure affordable energy for consumers, bolsters the domestic industry, and maintains the U.S. status as an energy superpower.
The Trump administration prioritizes U.S. Energy Dominance, with Interior leading efforts to open the Outer Continental Shelf for further development. This strategy aims to harness domestic energy potential previously restricted, creating tens of thousands of high-paying jobs across various sectors including exploration, production, and the supply chain.
