Biden administration approves Willow Project in Alaska, biggest US oil drilling venture in decades

The Biden administration on Monday announced the approval of the Willow Project in Alaska – the biggest U.S. oil drilling venture in decades.

The ConocoPhillips project when completed is projected to generate an estimated 180,000 gallons of oil a day.

The Monday announcement was expected and came one day after President Biden limited oil drilling in 16 million acres in Alaska and the Arctic Ocean, which is being interpreted as an attempt to head off some criticism from his Democrat Party's progressive wing. The wing is attempting to get the U.S. to move toward a more green energy agenda that moves away from fossil fuel. 

And Biden has made combating climate change a pillar of his administration. 

However, the Willow Project would create about 276 million metric tons of carbon dioxide equivalent over the next three decades, according to projections from the Interior Department's environmental analysis.

The project's approval also relinquishes ConocoPhillips' land rights to roughly 68,000 acres in the region, Axios reported.