Arctic Oil to Draw Bids Despite Rout, Interior Chief Predicts
- Auction of Arctic refuge drilling rights ‘likely’ this year
- Collapsing prices and demand forcing companies to idle rigs
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Bleak crude prices and fuel demand forecasts won’t blunt oil company bidding for Arctic drilling rights, Interior Secretary David Bernhardt said Monday.
Instead, companies are more likely to make offers based on longer-term forecasts and other considerations, Bernhardt said, as his agency weighs a sale this year of oil leases in the Arctic National Wildlife Refuge’s 1.56-million-acre coastal plain.