official announcement next week. this will help keep a lid on oil prices. and oil companies stock price.
The Biden administration is preparing to approve the massive Willow oil-drilling project in the Alaskan Arctic over the objections of environmentalists and many Democrats who wanted the project scuttled, according to people familiar with the matter.
A compromise that is expected to be put forward by the Biden administration clears the way for ConocoPhillips to proceed with the development of three drilling sites, down from the five originally sought by the company.
The decision is likely to mollify the oil-and-gas industry, which contends that Willow answers Mr. Biden’s demands that operators pump more oil to put a lid on energy prices. Advocates for Willow say the development meets Mr. Biden’s goals of shoring up U.S. energy security, creating union jobs and fostering racial justice, as many Alaskan natives support ConocoPhillips’ plans.