Biden Admin Hands Out $500 Million for Oil Drilling in the Middle East

Oil Drilling

The Biden administration is providing financing for oil development in the Middle East after taking numerous steps to restrict domestic production, according to Bloomberg News.

The U.S. Export-Import Bank — a nominally independent government entity that aims to boost the American economy “by facilitating the export of U.S. goods and services” —  approved a $500 million loan guarantee for oil and gas development in Bahrain on Thursday, according to Bloomberg News. The funding follows the Biden administration’s decisions to release the most restrictive offshore oil and gas leasing schedule in American history and cancel seven previously-issued oil and gas leases in Alaska, among other actions intended to rein in domestic oil production.

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