NEW ORLEANS (AP) — Bidding on federal oil and gas leases in the Gulf of Mexico is the lowest since gulf-wide sales began in August 2017, and lower even than any sale for the productive central Gulf since 1993.
The Bureau of Ocean Energy Management says 22 companies made $93 million in high bids Wednesday on 71 tracts.
The low interest comes during a price war between Russia and Saudi Arabia and drops in drops in travel because of the new coronavirus .
Oil prices plummeted Wednesday to $20.37 a barrel.
Environmental groups, meanwhile, filed a court challenge seeking to block execution of the leases.