Keep It in the Ground Act of 2024

S 5588, the Keep It in the Ground Act of 2024, prohibits new oil and gas leasing on all federal lands and waters, including the Gulf of Mexico, Atlantic, Pacific, and Arctic oceans, and bans renewals or extensions of nonproducing leases (leases that haven’t extracted fossil fuels). It directly affects oil and gas companies seeking to develop federal fossil fuel projects. The law requires the Secretary of the Interior to cancel existing leases in the Beaufort, Cook Inlet, and Chukchi Seas within 60 days of enactment. Exceptions only apply for imminent national security threats or to avoid breach-of-contract lawsuits. The bill aims to prevent emissions from federal fossil fuel reserves by keeping 90% of potential emissions underground.