Biden Admin Faces Lawsuit Over Approval For Willow Oil Project

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  • Six environmental groups filed a lawsuit related to the Biden administration's approval of ConocoPhillips' (NYSE: COP) Willow oil and gas project in Alaska.

  • The groups claimed the move could be a stepping stone to more development in an ecologically sensitive region.

  • Trustees for Alaska, the Alaska Wilderness League, the Sierra Club, The Wilderness Society, and other groups said the U.S. Interior Department approved Willow on public lands on the north coast of the state despite acknowledging and failing to mitigate "known harms" to Arctic communities, public health, wildlife, and climate, Reuters writes.

  • On Monday, the Interior Record of Decision (ROD) approved three drill pads on the Willow project.

  • ConocoPhillips Alaska completed extensive preparations with key contractors and expects to initiate gravel road construction activities immediately.

  • After nearly five years of regulatory and environmental review, the National Environmental Policy Act (NEPA) process is complete.

  • ConocoPhillips wanted up to five drill sites and infrastructure, including dozens of miles of roads, pipelines, and seven bridges, the report added.

  • Price Action: COP shares are down 4.08% at $97.22 on the last check Wednesday.

  • Photo via Wikimedia Commons

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