Comment on The Trump Administration Is Pushing to Sell Offshore Drilling Leases, and It’s Tanking Profits for Taxpayers

The Trump Administration Is Pushing to Sell Offshore Drilling Leases, and It’s Tanking Profits for Taxpayers

The largest offshore oil and gas lease sale in US history, which included all available areas in the Gulf of Mexico, garnered only tepid interest from oil and gas companies on Wednesday. Industry and government representatives called the results encouraging and consistent. Critics deemed it an “embarrassing flop.” The sale was in the spotlight amidst the Trump administration’s push to expand drilling in federal waters, and President Trump’s repeated commitments to “energy dominance.” It was considered a test of the industry’s appetite, and the modest bids that resulted are seen as a setback to the government’s plans of stimulating investment in the gulf.

 

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