President Joe Biden announced an indefinite suspension of new oil and gas leasing and drilling permits on Wednesday. So what does this mean for North Dakota?
We spoke to a member of the North Dakota Petroleum Council who says this will have a huge impact on jobs and the economy.
Kevin Black says there are 60,000 jobs that are directly and indirectly tied to the oil and gas industry, just in our state.
He believes, if this suspension continues during Biden’s four-year term as president, it could mean $600 million of tax revenue lost and $750 million in lost employee wages.
“Regardless of who you voted for, for president, nobody wants to see Americans’ jobs lost. And that is the direct consequence of the actions announced by the White House this morning on climate change,” said Black.
Black says he expects the moratorium to lead to an increase in gas prices, too.