Oil Companies Bid $382M for Gulf Drilling Rights

Last offshore sale before 2025 sees companies bid on over 300 parcels, despite Biden administration's efforts to protect endangered species.

Oil companies offered $382 million for drilling rights in the Gulf of Mexico after courts rejected the Biden administration’s plans to scale back the sale to protect an endangered whale species.
The auction was the last of several offshore oil and gas lease sales mandated under the 2022 climate law.
Companies including Chevron, Hess and BP offered bids on more than 300 parcels covering 2,700 square miles.
The next sale will be conducted in 2025, to the frustration of energy companies and Republicans who say the administration is hampering U.S. oil production.
The lease sale was required under a compromise with Democratic Sen. Joe Manchin of West Virginia, a supporter of the oil and gas industry.