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Unused Oil Leases in Gulf May Meet Two Years of U.S. Demand

Undeveloped oil and gas leases in the Gulf of Mexico may hold 11.6 billion barrels of crude, enough to meet U.S. demand for almost two years.

Companies are producing from less than 20 percent of 34 million acres leased in the Gulf, according to data released today by the Interior Department. Less than half of leases on federal lands are active, the report found.