Biden calls for 'use it or lose it' provision for drillers on federal land

President Joe Biden called on Congress to pass a sweeping “use it or lose it” provision intended to prevent oil and gas drillers from sitting indefinitely on federal leases without producing, part of his plan for lowering gas prices that also includes a massive release from the Strategic Petroleum Reserve.

Speaking to reporters at the White House Thursday, Biden asked lawmakers to pass legislation that would either force companies to either start producing oil and gas on pre-approved federal lands or start paying fees for each well and unused acre.