The Interior Department announced Wednesday it won't proceed with plans for three oil and gas lease sales in the Gulf of Mexico and Alaska's Cook Inlet.
Why it matters: The move that all but ends the likelihood of the U.S. government selling new drilling leases in coastal waters in 2022 comes as gas prices hit all-time highs and after President Biden spoke of supplying European nations with fuel to ease dependence on Russian energy following the invasion of Ukraine, per the Washington Post.
