Biden Admin Cancels Huge Alaska Oil And Gas Lease As Gas Prices Hit Record Highs Pelosi Bashes 'Big Oil', Pitches Plan To Make Gas Price Increases Illegal Consumer Fuel Price Gouging Prevention Act Perhaps an 'economist' could explain what happens to supply of something is government enforces a cap on the price of that thing... (Hint: it does not go up!) Brace for more shortages if this bill passes! Within his first week in office, President Biden signed an executive order temporarily suspending new oil and gas leases on federal lands. The administration resumed the new leasing last month following court challenges against the ban. The administration is appealing a ruling in which Judge James Cain, a Trump appointee, struck down the ban. -Fox Business In Wednesday remarks to Fox Business, former Trump-Pence EPA transition member Steve Milloy traced the lease cancellations to Biden. "In Alaska, the problem was that the greens scared off virtually everyone," he said. "It's expensive to explore and drill, and the greens made it pretty clear, they were going to make it even more difficult." According to Milloy, pressure from climate activists scared oil companies away after former President Trump opened Alaska's Arctic National Wildlife Refuge to drilling - a move which attracted just three bidders, including the state of Alaska itself. "I blame Biden for all lack of production. He has scared away investment," he said. "I don't trust him in court defending leasing." Frank Macchairola, a top official with the American Petroleum Institute - the country's largest oil and gas trade association, called the cancellation "another example of the administration's lack of commitment to oil and gas development in the US." "The President has spoken about the need for additional supplies in the market, but his administration has failed to take action to match that rhetoric," he told CBS News, adding that politically it won't "play well." "In the kind of price environment that we're seeing, there are negative consequences to shutting off oil and gas development, both politically and practically," he said. According to AAA's gas price calculator, average gas prices in the US have hit record highs in recent days - with the national average reaching $4.374 on Tuesday, and $4.404 on Wednesday, both records.