73M acres proposed for 1st Gulf-wide oil lease sale

NEW ORLEANS (AP) — The first oil lease sale covering the entire Gulf of Mexico since 1983 would offer 73 million acres under a proposal from U.S. Interior Secretary Ryan Zinke (ZINK-ee).

Zinke said in a news release Monday, “Opening more federal lands and waters to oil and gas drilling is a pillar of President Trump’s plan to make the United States energy independent.”

Former President Barack Obama’s administration organized the five years of Gulf-wide sales that will begin in August.

Regional sale attendance and bids have fallen with oil prices.

- FWBP Digital Partners -

The last regional sale, in March, offers 48 million acres off Louisiana, Mississippi and Alabama. Last March, 44.3 million acres were offered there, but less than 2 percent of that area drew bids.

Sales were even slower at the August auction of 23.8 million acres off of Texas.