Gulf Oil Spill Begins To Reach Land As BP Struggles To Contain Leak

Yesterday’s Gulf of Mexico lease sale brought in just over $102 million in high bids, less than the two previous sales.

Various news outlets described it in less-than-glowing terms. Oil & Gas Journal called the results “lackluster“, while Fuel Fix said the sale drew “tepid interest“.

“This sale was not eye-popping, and may be closer to a yawner,” said National Ocean Industries Association President Randall Luthi in a statement.

“The cost impacts to industry of continued changes to the regulatory system, such as the newly proposed production systems safety rule and the upcoming BOP rule, could have figured into how companies bid in today’s Western Planning Area sale, as did the current low price companies can fetch for natural gas.”