# Plain Language Summary: End Speculative Oil and Gas Leasing Act of 2021

This bill would stop the federal government from leasing public lands and waters for oil and gas drilling unless there's already a specific, approved plan to actually develop those resources. Right now, the government can auction off drilling rights on public lands even when companies have no concrete plans to drill there—they're essentially betting that oil and gas prices will rise in the future and make drilling profitable. This bill would eliminate that speculative leasing by requiring the government to only lease land when there's genuine intent and a detailed plan to extract oil and gas within a reasonable timeframe.

The practical effect would be a significant reduction in new oil and gas leases on federal property, which includes vast areas of public lands managed by the Department of Interior and offshore waters. Oil and gas companies would lose the ability to lock up drilling rights as a long-term investment or hedge against future price changes. The energy industry would likely oppose this since it limits their options and reduces the amount of federal land available for exploration. Environmental groups would support it because it could slow fossil fuel development on public lands and reduce greenhouse gas emissions.

For everyday Americans, this could mean less federal revenue from oil and gas leases (money that currently goes to the government and sometimes to states), potentially affecting funding for public services. However, supporters argue it would protect public lands from unnecessary development and help address climate change by limiting fossil fuel extraction on government property. The bill essentially represents a choice about whether public lands should be available for speculative energy development or preserved for other uses like conservation and recreation.

End Speculative Oil and Gas Leasing Act of 2021

End Speculative Oil and Gas Leasing Act of 2021 This bill specifies requirements for the leasing of oil and gas resources on federal lands. The Bureau of Land Management (BLM), with respect to certain federal land that is covered by a reasonably foreseeable development scenario (i.e., a long-term projection of oil and gas development) shall not offer the land for lease until such scenario includes an assessment of the land's oil and gas potential that specifically identifies the potential for all acres subject to decisions on availability for leasing. If certain federal land that is otherwise available for leasing of oil and gas resources is not covered by a reasonably foreseeable development scenario, the BLM shall complete such a scenario in accordance with the requirements and factors described in this bill. In general, the BLM shall not offer for lease certain federal land otherwise available for leasing of oil and gas resources if such land is designated in the applicable reasonably foreseeable development scenario as having low or no potential for the development of oil or gas resources. However, the bill provides for a variance process. With respect to each of these requirements, exceptions apply for federal land that is leased for the purpose of preventing oil or gas drainage or that meets specified requirements related to size and proximity to an oil- or gas-producing well.