"Biden administration's historic Gulf of Mexico lease sale sparks green activism and sets new offshore drilling record"
The Biden administration will proceed with a massive offshore oil and gas lease sale covering over 73 million acres in the Gulf of Mexico, despite previous attempts to cancel the auction due to climate and environmental concerns. The sale, known as Lease Sale 261, is expected to attract significant bids from industry players and could generate hundreds of millions of dollars. The decision to hold the sale comes after an appeals court ruled against the administration's efforts to scrap the auction and follows years of litigation and settlements with environmental groups. This sale is considered crucial for companies seeking new lease blocks for exploration and development, as it may be the last opportunity until at least 2025. However, concerns remain about the Biden administration's stance on offshore oil and gas production, which could potentially discourage future sales and drive investment overseas.
