Chevron, Exxon Mobil Top Spenders at Biden Offshore Auction

The total high bids—roughly $191.7 million—was far higher than the $121 million the government received at a sale in the U.S. Gulf of Mexico held by the Trump administration a year ago.

Nichola Groom, Reuters

The Biden administration’s auction of oil drilling rights in the U.S. Gulf of Mexico generated more than $190 million in high bids, bringing in more money for taxpayers than any government offshore lease sale since early 2019.

The Department of Interior auction came days after the U.S. joined a global agreement that for the first time asked governments to accelerate emissions cuts by phasing down coal and fossil fuel subsidies.

It was the first auction under President Joe Biden, whose administration paused drilling sales under a promise to end development on federal properties. But Biden lost a court fight to oil-producing states that sued to reinstate the sales.

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