Trump Administration's Alaska Oil and Gas Lease Sale a 'Major Flop'

[Rhiannon12866]

Despite the Trump administration's unrelenting quest to drill the Arctic, Wednesday's oil and gas lease sale in the National Petroleum Reserve-Alaska (NPR-A) yielded a "disappointing" return of $1.5 million, E&E News reported.

Oil and gas giants ConocoPhillips, Emerald House and Nordaq Energy were the three companies that made uncontested bids on 16 tracts of land out of 254 tracts made available by the Bureau of Land Management's (BLM) annual sale in the western Arctic.

Link to tweet

In all, the companies swooped up roughly 174,000 acres of the 2.85 million acres offered, working out to an average of just $6.50 an acre.

"Federal officials [cited] a lack of access to the most promising areas as a reason for the modest bidding," the Anchorage Daily News reported.

But the Center for American Progress said the result was a "major flop that shortchanged taxpayers" and also puts the nearby Arctic National Wildlife Refuge (ANWR) environment at risk.

"These results show that the fiscal arguments—including promises of more than $1 billion, or bids of $1,000 per acre—made for drilling in the neighboring Arctic National Wildlife Refuge were a complete scam," the organization tweeted. "Taxpayers are being sold a false bill of goods in the Arctic Refuge, and stand to lose America's last best wilderness in the process."


Read more: https://www.ecowatch.com/alaska-oil-gas-lease-sale-2623304775.html?utm_source=EcoWatch+List&utm_campaign=8359602284-EMAIL_CAMPAIGN_COPY_01&utm_medium=email&utm_term=0_49c7d43dc9-8359602284-85350385

[mountain grammy]

1. So in Zinke world

$6.50/acre, almost the same as $1000/acre. I just can't find the words.

[2naSalit]

2. Not only is he a serious

embarrassment, he's dangerous too.

[mountain grammy]

3. Yes he is.. Nazi through and through.

[mopinko]

4. i'd hope any sane corp would hesitate. it could all be overturned in court.

doesnt seem like a smart investment.

[2naSalit]

5. Rest assured there is already money flowing into somebody's pockets...nt

[modrepub]

6. Compare This With Recent Offshore Wind Auctions

The Bureau of Ocean Energy Management in the US has announced the results of the auctions for offshore wind leases off Massachusetts, auctions that eclipsed the results of all seven offshore lease sales in the US so far.

Bids totalling US$405Mn were submitted in the auctions. All three sums bid for the leases far exceeded the highest bids so far in the US offshore wind industry.

<snip>

National Ocean Industries Association (NOIA) president Randall Luthi said, "Until today, a US$405Mn offshore wind lease sale in the US was unheard of.

"In fact, today's phenomenal sale results eclipse the results of all seven previous US offshore lease sales combined and demonstrate that not only has offshore wind arrived in the US, but it is clearly set to soar."

https://dailynews18.com/massachusetts/massachusetts-lease-sales-show-offshore-wind-set-soar-00008026


This put's electric generation very close to the high density NE US. Will be very interesting if this works out. The days of fossil fuels may be numbered.