Trump's Gulf Oil Sale: $300M, Highest Bid Per Acre in 8 Years

In the latest Gulf of Mexico oil and gas lease sale, bids totaling nearly $300 million were submitted, marking a significant step towards the Trump administrations goal of tapping into substantial oil and natural gas reserves by 2040. Despite a lower overall bid total compared to the previous sale, the average price per acre bid was the highest in eight years. Thirty companies submitted a total of 219 bids, with BP, Woodside Energy, Chevron, and Murphy Exploration and Production Company among the top bidders. However, environmental groups have expressed concerns over the potential increase in oil spills and the risk to coastal environments. The next lease sale is scheduled for March 26th.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.