Trump Admin Auctions Off 81M Acres in Gulf of Mexico for Oil and Gas Leases
The Trump administration is holding an auction for oil and gas leases in the Gulf of Mexico, which spans over 81 million acres. This is the third installment in a series of 30 lease sales mandated by President Donald Trump's 2025 tax and spending legislation.
The sale comes at a time when crude prices are at their highest levels in four years due to the U.S.-Israeli conflict with Iran, which has interrupted supplies from the Middle East. Brent crude was priced above $89 per barrel on Wednesday.
The Interior Department is offering 15,100 unleased blocks for bid, ranging from three to 231 miles offshore and water depths varying from nine feet to over 11,100 feet. However, corporate interest remains limited with only 12 companies submitting 69 bids covering approximately 330,000 acres.