The latest Trump administration sale of oil and gas drilling rights in the Gulf of Mexico attracted nearly $82.7 million in high bids on Wednesday, generating more money than a sale in
The latest Trump administration sale of oil and gas drilling rights in the Gulf of Mexico attracted nearly $82.7 million in high bids on Wednesday, generating more money than a sale in March, but far less than one held in December.
The Trump administration offered more than 80 million acres (32.4 million hectares) in the Gulf of Mexico to drillers as part of an effort to boost domestic energy production with regular offshore lease sales.
The sale is the second since the U.S.-Israeli war with Iran disrupted global crude flows and sent oil prices to four-year highs. It is the third of 30 mandated by U.S. President Donald Trump's 2025 tax cut and spending law that are planned to run to 2040.
Kate MacGregor, deputy secretary of the Department of the Interior, who helped read the bids at a New Orleans museum, said the regular auctions "unleash the promise of offshore oil and gas." Trump's predecessor, former President Joe Biden, campaigned in 2020 on blocking offshore lease sales but held them sporadically after lawsuits.
The Interior Department offered 15,100 blocks located between 3 and 231 miles (4.8 to 372 km) offshore on the U.S. Outer Continental Shelf. Water depths range
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