Rep. Markey’s Many Myths: Report Much Ado About Nothing

The report is new, but the content is not. This week, Representative Ed Markey (D-Mass.) released a reportrehashing old claims that oil and gas companies are "stockpiling" federal energy leases, ostensibly as part of a conspiracy to manipulate prices by keeping supply low. Markey, who is Ranking Member of the House Natural Resources Committee, argues that the "Use it or Lose It" report shows that new energy-rich areas like Alaska should not be opened for drilling, because oil and gas companies already have enough idle leases that are not being utilized. The report, however, fails to make a key distinction: that some leases are more valuable than others, and that the most valuable areas of the federal land estate all aren't being offered for lease. An analysis of the report's central claims is below.