Biden admin holds 73 million-acre lease sale after appeals court steps in
Fox News
The Bureau of Ocean Energy Management will hold Lease Sale 261 on Wednesday.
"It’s a very important lease sale considering the uncertainty on the horizon for additional offshore oil and gas leasing," said Erik Milito, president of the National Ocean Industries Association, which represents both traditional and renewable offshore energy producers. "There are competing pressures heading into the event. Thomas Catenacci is a politics writer for Fox News Digital.
"On one hand, unless there is congressional action, this marks the final lease sale until at least 2025," he told Fox News Digital. "We operate in a prospective business where companies must acquire new lease blocks for exploration and potential development. However, there is no guarantee that acquired leases have enough hydrocarbons to warrant investment. Companies want to invest in the Gulf of Mexico, and this represents their final opportunity to gather more leases for a while."
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