ConocoPhillips (COP) Challenges Biden's Arctic Drilling Ban
ConocoPhillips(COP) ZACKS·2024-07-08 21:00
ConocoPhillips (COP) , the U.S. oil giant, has filed a lawsuit to challenge the Biden administration's recent ban on drilling across nearly half of the National Petroleum Reserve in Alaska (NPR-A), per a Bloomberg report. The lawsuit, filed on Friday, claims that the administration's measure violates a federal law that mandates oil development in the area.The Biden administration's new rule, enacted by the Interior Department, prohibits oil leasing on 10.6 million acres of the 23-million-acre reserve and im ...