|The Department of Interior released an updated analysis of fossil fuel leases today, finding that 'nearly two-thirds of acreage leased by [the oil] industry lies idle.'
The report, 'Oil and Gas Lease Utilization, Onshore and Offshore Updated Report to the President,' explained that oil and gas companies hold thousands of undeveloped leases. Despite holding these inactive leases, the oil industry continues to demand the opening of new, previously protected federal lands and waters areas to drilling.
The report found that:
More than 70 percent of the tens of millions of offshore acres currently under lease are inactive, neither producing nor currently subject to approved or pending exploration or development plans. Out of nearly 36 million acres leased offshore, only about 10 million acres are active -- leaving nearly 72 percent of the offshore leased area idle...