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US to auction Gulf of Mexico oil under climate compromise

March 29, 2023

Companies have offered bids on more than 2,600 square miles (6,700 square kilometers) of federal oil and gas leases in the Gulf of Mexico in a sale mandated by last year’s climate bill compromise.

Wednesday’s auction is the first in more than a year and is expected to draw interest from major oil companies such as ExxonMobil and Chevron. It could further test the loyalty of environmentalists and young voters who backed President Joe Biden in 2020 but were frustrated by this month’s approval of the huge Willow drilling project in northern Alaska.

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