Biden canceled an Alaska oil and gas lease sale. What's the impact on gas prices?

Gasoline prices in the U.S. hit a new record on Thursday — the same day the Biden administration canceled three oil-and-gas lease sales. Overall production, assuming a price of $100 per barrel, would be more than 5 billion barrels of oil across multiple lease sales, including several areas beyond the two lease sales that were canceled.In the near term, the lease sale cancelations have no material impact on gas prices because it can require years for new federal land leases to begin delivering oil and gas, according to experts.Drew Caputo, vice president of litigation for lands, wildlife and oceans at environmental advocacy group Earthjustice, told CBS News that more than a decade would pass before those leases would have impacted gas prices. The canceled lease sales signal headwinds for the domestic energy industry and could dissuade investors from putting their money into the sector, Frank Macchiarola, senior vice president of industry trade group American Petroleum Institute, told CBS MoneyWatch."If you line up the series of [Biden Administration] policies, not one will have the effect of too sharply raising gas prices in the short term, but they all create in their totality an environment in which investors say, 'I'm not going to invest in this industry because of the headwinds,'" he said.