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Data: BloombergNEF; Note: 2020 reflects the average through September; Chart: Sara Wise/Axios

The first phase of the Biden administration plan to thwart new oil and natural gas permitting on federal lands has arrived.

Driving the news: An Interior Department order Thursday imposes a 60-day freeze on new drilling permits, leases, lease extensions and other actions, though it "does not limit existing operations."

Why it matters: Oil production on federal lands is a smaller share of domestic output than it was before the fracking boom that's centered more on private lands.

The big picture: The temporary order comes ahead of what's expected to be a wider effort to limit new development, given that Biden's platform called for "banning new oil and gas permitting on public lands and waters."

  • But that said, it's still quite significant.

Yes, but: The effects of these policies could be limited in the near-term because many companies have a large inventory of existing permits.

  • A new Goldman Sachs note says several oil-and-gas producers with the most exposure to federal lands "have indicated they have 3-4 years of inventory already permitted."

Go deeper

Ben Geman, author of Generate
Jan 29, 2021 - Economy & Business

Chevron posts another quarterly loss under weight of pandemic

Photo: Justin Sullivan/Getty Images

Chevron posted another quarterly loss Friday in the latest sign of how the pandemic is still weighing on oil companies despite some price recovery during the second half of the year.

Driving the news: The oil giant reported a $665 million loss for the October-December period, but it shrinks to $11 million on an adjusted basis after considering charges on its acquisition of Noble Energy and "foreign currency effects."

Mike Allen, author of AM
4 hours ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."