Shitstain Admin Opens Record 77 Million Acres Offshore, Gets Oil Bids On 1% Of Acreage
HOUSTON — In a setback to Trump administration efforts to increase offshore oil production, the industry responded with only modest interest on Wednesday in a federal auction covering a record 77 million acres in the Gulf of Mexico. Companies bid on only 1 percent of the acreage, and the winning bids yielded a mere $125 million for the government.
The results reflected broad uncertainty among oil executives that global oil prices can remain at current levels over $60 a barrel, as well as a general preference for drilling in onshore shale fields that require smaller investments and are less risky.
Administration officials characterized the auction as a success since major oil companies — Royal Dutch Shell, BP, Chevron and Total — had placed over 150 bids, and the yield tally was $3 million above a regional lease sale in August.
But independent analysts said the results were modest. “Operators appear to still be in a ‘wait and see’ mentality when it comes to exploration, looking for stability in oil prices,” said William Turner, senior research analyst at Wood Mackenzie, a consultancy influential in the oil
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https://www.nytimes.com/2018/03/21/business/energy-environment/oil-auction-gulf.html?rref=collection%2Fsectioncollection%2Fclimate&action=click&contentCollection=climate®ion=stream&module=stream_unit&version=latest&contentPlacement=4&pgtype=sectionfront
