Companies are bidding on oil leases in the Gulf of Mexico that could produce 1 billion barrels of oil over the next 50 years

Companies are bidding on oil leases in the Gulf of Mexico that could produce 1 billion barrels of oil over the next 50 years

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Companies have offered bids on more than 2,600 square miles (6,700 square kilometers) of federal oil and gas leases in the Gulf of Mexico in a sale mandated by last year’s climate bill compromise. Wednesday’s auction is the first in more than a year and is expected to draw interest from major oil…

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