US Auctions Giant Stretch Of Gulf Of Mexico For Oil And Gas Drilling
The U.S. held its first auction of oil and gas drilling leases in the Gulf of Mexico in more than a year on Wednesday. The sale — mandated by the Inflation Reduction Act (IRA) — garnered $264 million in offers from oil companies, including BP, Chevron and ExxonMobil.
The auction in federal waters came just two weeks following the Biden administration’s approval of the Willow oil drilling project on Alaska’s environmentally sensitive North Slope.
Environmental groups — who have challenged the lease sale in federal court — were not pleased with President Joe Biden going back on a campaign promise to stop the extraction of fossil fuels on federal lands.