Oil companies offer $382M for offshore drilling rights in last sale before 2025
Oil companies have offered $382 million for drilling rights in the Gulf of Mexico after courts rejected the Biden administration’s plans to scale back the sale to protect an endangered whale species. Wednesday's auction was the last of several offshore oil and gas lease sales mandated under the 2022 climate law. It comes as President Joe Biden's Democratic administration tries to navigate between energy companies seeking greater oil and gas production and environmental activists who want to stop new drilling to help combat climate change. Companies including Chevron, Hess and BP offered bids on parcels covering 2,700 square miles.