$SPY The Biden administration says it plans to block oil and gas leasing on ~11M acres in Alaska's National Petroleum Reserve, or about half of the 23M-acre reserve set aside for energy development decades ago. The action would reverse a decision late in the Trump administration to allow oil and gas development across 18.6M acres of the reserve and instead reinstate an Obama-era plan to set an additional 7.6M acres off limits. The U.S. Interior Department says cutting back the area that can be leased will benefit threatened and endangered species. ConocoPhillips (NYSE:COP) is Alaska's largest oil producer and largest owner of exploration leases; the revised development plan apparently does not affect Conoco's proposed Willow project in Alaska, as a federal court last year threw out government approval of the project.
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