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Gulf Oil Lease Sale Draws $121 Million in Pre-Biden Auction

Nov. 18, 2020, 6:49 PM

Oil companies are set to pay an estimated $120.9 million in high bids for drilling rights across 93 tracts in the Gulf of Mexico following a government auction Wednesday.

  • Twenty-three companies participated in the lease sale, the last offshore oil auction slated to be conducted under President Trump
  • NOTE: President-elect Joe Biden has said he would ban “new oil and gas permitting on public lands and waters” though it’s not clear when or how he might pursue those restrictions
  • Deputy Interior Sec. Kate MacGregor says in news releasethat the sale “exceeded expectations” with a showing that “demonstrates the long-term ...

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