Wednesday’s auction of Gulf of Mexico oil leases could further test the loyalty of environmentalists and young Biden voters frustrated by the approval of the Willow drilling project in Alaska.
FILE - The Centenario deep-water drilling platform off the coast of Veracruz, Mexico, in the Gulf of Mexico, is pictured on Nov. 22, 2013. The Biden administration will auction oil and gas leases across more than 114,000 square miles of public waters in the Gulf of Mexico on Wednesday, March 29, 2023, in a sale mandated by last year's climate bill compromise.
There’s one more sale scheduled in September, but it’s unknown how many more the administration could conduct, which could hinder companies’ expansion plans. The climate law also raised the royalty rate companies must pay on oil they produce. The Biden administration set the rate for Wednesday’s sale at the maximum allowed — 18.75%, versus 12.5% historically — yet that did not appear to curb interest.
Louisiana’s complicated relationship with the industry also is illustrated by lawsuits filed by coastal parishes over decades of alleged damage to wetlands from dredging canals to service oil and gas drilling. “We will work with the Department of Interior on plans for the blocks once they are awarded,” he said. “ExxonMobil takes a longterm business view, and we will evaluate the seismic and subsurface geology for future commercial potential.”
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