The Department of the Interior’s (DOI) latest oil and gas lease sale brought in nearly $1 billion bonus bids and broke all previous records, the DOI announced Thursday.
The DOI sold 142 leases in New Mexico and brought in more revenue in two days than all the oil and gas lease sales in 2017 combined.
Revenue totaled $972,483,619.50 and roughly half of that will be reinvested in New Mexico’s roads and public services, such as education.
“Critics of the Administration’s American Energy Dominance policy often falsely claim there is little to no interest in Federal oil and gas leases. Today they are eating their words and once again President Trump’s policies are bearing fruit for the American people,” Interior Secretary Ryan Zinke said in a statement.
A 1,240-acre parcel in southeastern New Mexico set the record for the highest per-acre bid at $81,889 per acre. The single parcel brought in more than $101.5 million in revenue.
On “bonus bids,” companies pay a one-time premium to secure exclusive access and rights to develop an area for oil and gas for at least a decade. The lease will extend as long as the area remains in use producing oil.
Bonus bids are used by experts to gauge companies’ long-term confidence in particular areas.
The Trump administration is continuing to push the president’s “energy dominance” agenda that includes rolling back regulation and opening more federal land and waters to potential development.
The DOI held the largest oil and gas lease sale in U.S. history in March, offering 77 million acres in federal waters in the Gulf of Mexico. The sale brought in $139 million worth of bids.
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We need to drill for oil we cant allow a bunch of well funded groups of Eco-Nazis/Watermelons drag our nation dont the drain over this fake Climate Change/Global Warming hoax
Is it fair to assume we won’t see Democrats promising to kill the coal industry again .
Maybe they will go after another set of “deplorables ” like say Wal-Mart shoppers or people that eat Kraft dinner ..
Oh please bring out Hillary and Bernie again . Wasn’t Al Gore effective ?
The race baiters who can’t talk about their policies because they have gone hard left .
From the article, “Critics of the Administration’s American Energy Dominance policy often falsely claim there is little to no interest in Federal oil and gas leases.” Often times people make claims based on what they wished to be true rather than what is true. Consider the claim that embracing renewable energy will lead to economic prosperity. Near the beginning of the global warming fraud there was the claim that we had no choice to go to renewable energy because we were running out of fossil fuels.