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U.S. Gulf Oil Auction Fetches $191.7 Million in High Bids

Nov. 17, 2021, 5:43 PM

Oil companies lodged $191.7 million in high bids for drilling rights in the Gulf of Mexico on Wednesday, during a robust government auction that underscored the industry’s appetite for new crude despite a White House push to shift away from fossil fuels.

  • The auction brought in a bigger haul than all but two previous Gulf of Mexico oil and gas lease sales conducted under former President Donald Trump
  • Analysts said bidding was driven by interest in lower-carbon crude from the Gulf as well as uncertainty about the timing and conditions of future sales, which could come with more costly and ...