US holds huge crude sale in Gulf coming off climate pledges
By MATTHEW BROWN and JANET McCONNAUGHEY
Associated Press
NEW ORLEANS (AP) — The U.S. Interior Department on Wednesday auctioned hundreds of oil and gas leases in the Gulf of Mexico in a sale that attracted bids from major energy companies. It was the first such sale under President Joe Biden and underscores the challenges he faces to reach climate goals that rely on deep cuts in fossil fuel emissions. Companies including Shell, BP and ExxonMobil bid on tracts totaling nearly 2,700 square miles. Since it takes years before crude is pumped, these leases could produce oil long past 2030, when scientists say the world needs to have drastically cut greenhouse gas emissions to stave off catastrophic climate change.
