US oil drilling on public lands to hit a 13-year high: AP

Quantum Commodity Intelligence – Approvals for drilling oil and gas on public lands in the US is on pace this year to reach more than a 13-year high as gasoline prices rise, according to analysis by newswire Associated Press.

The US Interior Department approved 2,500 permits to drill on public and tribal lands in the first six months of the year, the agency said quoting its own analysis, with 80% of that being approve since President Biden took office pledging to make climate change a priority.

New Mexico and Wyoming had the largest number of approvals alongside Montana, Colorado and Utah, said AP

The rise in drilling comes as US benchmark light, sweet crude prices climb to $75/b, driving up the national average price of gasoline to well above $3/gal at the pump in the world's biggest oil consuming nation.

The figures come amid more well-publicised headline policies that include blocking the Keystone XL pipeline from Canada and a ban of new drilling on federal lands.

Hundreds of applications were entered in December last year, before Biden took office as those with licenses wanted to protect rights to drill.

AP said that there were more than 4,000 applications still pending, meaning it is likely that fresh drilling will reach highs not seen since President George W Bush was in charge.