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Oil companies will get one last crack at new drilling rights in the Gulf of Mexico on Wednesday, before the Biden administration imposes a two-year hiatus.
The Interior Department auction, mandated by Congress under last year’s Inflation Reduction Act, will be the last sale of its kind until 2025 — when there may be tighter limits and less territory up for grabs. The uncertainty is set to drive up industry interest and bidding this week for the 10-year leases available.
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