Arctic Oil Drilling Plans Suffer 'Stunning Setback' as Almost ‘No One Shows Up’ For the Sale
In major setback to Trump's energy policy, Alaska's oil leasing on the Arctic Wildlife Refuge attracted almost no buyers.
In a stunning setback to the waning Trump Administration’s long-stated goal of energy independence, a recent auction for oil drilling leases in the Alaskan Arctic attracted no major oil companies.
After literally generations of debate, when the federal government put a 5% slice of the Arctic National Wildlife Refuge up for lease, the long anticipated flood of oil interest simply didn’t show up.
In fact, of the 22 parcels of land, totaling 1.1 million acres, the government of Alaska was the sole bidder and ended up winning leases on 9 of the 12 parcels that received bids. Merely two were acquired by private companies, and the others that received no interest were withdrawn from this round of auctions.