The Biden administration has given its approval of the Willow oil-drilling project in Alaska, reports The Wall Street Journal (subscription).
The gist: “The green light means Houston-based ConocoPhillips can start construction on its roughly $7 billion project in Alaska’s National Petroleum Reserve, which the company expects will produce about 180,000 barrels of oil a day at its peak—equivalent to about 40% of Alaska’s current crude production.”
- “The Interior Department said it would allow drilling on three of the five drill sites proposed by ConocoPhillips, which announced the Willow discovery in 2017.”
The NAM’s take: The NAM told the administration of its support for the project last summer, pointing out that while manufacturers make full use of renewable energy sources, they also need oil and gas.
- “Manufacturers know that we must continue developing reliable sources of American energy and can do that in a way that still allows us to achieve critical environmental goals,” said NAM President and CEO Jay Timmons today.
- “The Willow project is one such opportunity, which is why we advocated for its approval. Projects like this strengthen manufacturing’s competitiveness and are essential to bolstering domestic supply chains and job creation.”