# 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 a specific, proven need for that energy development. Right now, the government regularly holds auctions where oil and gas companies can bid on the right to drill on federal property—sometimes without any particular reason or plan for how that energy will be used. This bill changes that by requiring the government to demonstrate there's an actual demand for oil and gas before opening up public lands for drilling.

The practical effect would be a significant slowdown in new oil and gas leases on federal property. Companies wouldn't be able to simply speculate by buying drilling rights they might never use or might hold onto for years waiting for prices to rise. This matters because federal lands and waters contain enormous oil and gas reserves, and currently the government auctions off these resources regularly. The bill would essentially put the brakes on that process unless there's a genuine need for the energy being extracted.

For everyday people, this could affect energy prices and jobs in the oil and gas industry. Supporters argue it protects public lands and reduces environmental damage from drilling, while critics worry it could limit domestic energy production and cost jobs in energy-dependent communities. The bill would also affect states that receive revenue from oil and gas leases on federal land within their borders, since those payments would likely decrease if fewer leases are sold.

End Speculative Oil and Gas Leasing Act of 2021

Cortez Masto, Catherine

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.