• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 7 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 4 hours Let’s Try This....
  • 4 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 28 mins New Aussie "big batteries"
  • 28 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 1 hour China to Impose Dictatorship on Hong Kong
  • 50 mins Would bashing China solve all the problems of the United States
  • 13 mins Monetary and Fiscal Policies in Times of Large Debt:
  • 30 mins 60 mph electric mopeds
  • 23 hours Iran's first oil tanker has arrived near Venezuela
  • 1 day Nothing can shake AMLO’s fossil-fuel fixation
  • 1 day US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
Why The Covid Crisis Is A Pivotal Moment For Renewables

Why The Covid Crisis Is A Pivotal Moment For Renewables

Widespread lockdowns have resulted in…

The 5 Oil Tankers That Could Start A War

The 5 Oil Tankers That Could Start A War

Five oil tankers full of…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History

Interior Secretary Ryan Zinke announced the largest oil and gas lease sale in U.S. history this week. The sale will include almost 77 million acres of federal waters in the Gulf of Mexico and is scheduled to take place in March 2018. 

“In today’s low-price energy environment, providing the offshore industry access to the maximum amount of opportunities possible is part of our strategy to spur local and regional economic dynamism and job creation and a pillar of President Trump’s plan to make the United States energy dominant,” Secretary Zinke said. “And the economic terms proposed for this sale include a range of incentives to encourage diligent development and ensure a fair return to taxpayers.”

The sale, officially named Proposed Lease Sale 250, will be live-streamed from New Orleans next year. The previous edition also took place in the city in Louisiana, garnering $121 million in high bids, according to World Oil. 

“In order to strengthen America’s energy dominance, we must anticipate and plan for our needs for decades to come," Senator Lisa Murkowski, chairman of the Senate Committee on Energy & Natural Resources, said. "The administration’s decision to move forward with the largest offshore lease sale in our nation’s history is a key part of that effort. Whether in Alaska or the Gulf of Mexico, we should all support responsible development because it creates high-paying jobs, strengthens national security, and keeps energy affordable for our families and businesses.” 

Trump campaigned on reviving coal country and supporting the oil and gas industry’s race to reach international markets. The sale would go a long way towards meeting those campaign vows, though drilling in deep waters is expensive and new investments by fossil fuel companies are few and far in between. Three years of low oil prices have done a number on exploration budgets.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • hall monitor on October 25 2017 said:
    would have been nice to include a map of the area(s) to be offered.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News