Biden Admin to sell offshore drilling rights
WHAT: The Biden Administration is setting sail for some offshore oil drilling rights in the Gulf of Mexico over the next five years and it’s causing quite the stir among environmentalists! According to information from the Interior Department, the Biden Administration has ruled out adopting a plan that would completely ban offshore auctions until 2028, paving the way for bidding for offshore oil blocks.
WHY: Oil industry advocates had pushed for a robust sales schedule to ensure steady development and production in the Gulf of Mexico which provides roughly 15% of US crude output today.
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