Offshore drilling auctions cancelled

Investment Analysis Clubs Macro Economic Trends and Risks
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Biden Administration Drops Offshore Drilling Auctions
www.benzinga.com/government/22/05/27185816/biden-administrat….
The Biden administration has canceled plans to auction drilling rights in two regions in the Gulf of Mexico and one off the coast of Alaska, writes the Wall Street Journal.

The decision leaves oil-and-gas companies facing a blackout period of unknown length for access to new drilling spots in offshore acreage. A five-year schedule for offshore lease sales expires at the end of next month, and the Interior Department has yet to propose a new one.

DB2

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The decision leaves oil-and-gas companies facing a blackout period of unknown length for access to new drilling spots in offshore acreage.

DB2,

That might lead the readers astray. The oil and gas companies already have thousands of leases they are not using yet. It might be in the hundreds for off shore it might be in the thousands of leases.

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