The Biden administration on Friday unveiled a long-awaited drilling plan that would drastically shrink the nation’s offshore oil and gas leasing program to a maximum of three lease sales over the next five years — the smallest number ever to be offered in the program’s history.

The Biden administration's plan to slash offshore oil and gas leasing drew fire from both the fossil fuel industry and environmentalists on Friday, with energy companies saying it will raise fuel prices and greens saying it undermines efforts to stop global warming.

The Biden administration proposed its highly-anticipated offshore oil and gas leasing program for the next five years on Friday morning, laying out just three Gulf of Mexico lease sales through 2029.

Russia said it plans to cut its oil production by around 500,000 barrels a day, or about 5%, next month, sending crude prices higher in a move that Moscow said was in response to Western sanctions.

Russia throttled back and then halted most exports of natural gas to Europe in response to sanctions imposed on Moscow after it invaded Ukraine. It has threatened to use its vast production of all sorts of commodities, including oil, to punch back against those economic restrictions.