New Mexico Oil and Gas Lease Sale Nets More Than $58 Million: DOI
July 26, 2025 No Comments
This is the first lease sale under the One Big Beautiful Bill Act which lowered royalty rates for oil and gas production.
This is the first lease sale under the One Big Beautiful Bill Act which lowered royalty rates for oil and gas production.
If the Inflation Reduction Act hadn’t required the Interior Department to hold oil and gas lease sales before offering offshore wind lease sales, there would have been no leases in 2023, either.
The Oil & Gas Workers Association (OGWA) is pushing the Biden administration to approve the Willow Project, a multi-billion dollar drilling development in Alaska by energy firm ConocoPhillips.
‘Unprecedented delay of the US offshore oil and gas leasing program is injecting substantial and unnecessary uncertainty,’ industry rep says
The auction, held by the Bureau of Ocean Energy Management (BOEM) on Friday, offered leases for 193 blocks totaling around 958,000 acres. However, it only received a single bid for one block in the amount of $63,983 submitted by Hilcorp Alaska LLC which covers an area of 5,693 acres.
U.S. petroleum reserves haven’t been this low since 1984. This week, the White House announced plans to release another additional 10 million barrels from the SPR in early November. This could perhaps be an attempt to tamp down gasoline prices before the midterm elections.
During Mr. Biden’s first 19 months, the government has leased a mere 126,228 acres for oil-and-gas production, the least under any President since at least World War II.
A federal judge issued a permanent injunction on Aug. 18 against the Biden administration’s pause of new oil and gas leasing in federal lands.
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