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Biden -- Yes, Biden -- Is Offering Oil Companies Leases to Drill in the Gulf of Mexico

  • Environmentalists have pleaded for the sale’s cancellation
  • Industry fears of heightened regulation may dampen interest
Chevron Corp. Jack/St. Malo Platform As Big Oil Rivals Shale In Gulf
Photographer: Luke Sharrett/Bloomberg

The Biden administration is selling drilling rights across the Gulf of Mexico on Wednesday in an auction that will test the oil industry’s appetite amid White House efforts to shift away from fossil fuels. 

The sale will take place despite pleas from environmental activists for its cancellation, since leases sold in the auction could yield decades of crude they say a warming world cannot afford to burn.