Trump Administration's Gulf Oil Auction: Details Revealed

On November tenth, the Trump administration unveiled the financial terms for its first major offshore oil and gas auction, Big Beautiful Gulf One, offering nearly eighty million acres in the Gulf of Mexico. The twelve-point-five percent royalty rate, a key detail for energy companies, is part of the One Big Beautiful Bill Act. The auction, scheduled for December tenth, is the first under a new leasing strategy aiming to boost long-term investment confidence. The minimum bids are set at twenty-five dollars per acre, making it the largest Gulf offering in almost ten years. The lower royalty rate is expected to encourage more bidding and speed up project approvals.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.