80 Million Acres Auctioned For Oil & Gas Drilling

The Biden administration held the largest federal oil and gas lease auction in U.S. history on November 17, 2021, auctioning off 80 million acres in the Gulf of Mexico. Only 1.7 million acres were bid on by energy companies, and it’s unclear how much of that will be developed.

The sale comes a week after COP26, the international climate conference where Pres. Biden negotiated with other world leaders to tackle climate change. In January, the administration tried to put a pause on new federal oil and gas leasing but was sued by Republican-led states that said it would hurt the energy industry and economies of states that produce oil and gas. A federal judge sided with the states, and while the administration is appealing the decision, it has agreed to continue sales.