The U.S. Interior Department will auction off oil reserves in the Gulf of Mexico today.
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KRLD All Local
Morning Update: November 17, 2021
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The gulf is estimated to hold up to 1.1 billion barrels of crude oil. This will be the first such sale under President Biden's administration.
The livestreamed sale will invite energy companies to bid on leases across an area about twice the size of Florida.
It will be years before companies could start pumping crude. That means they could keep producing oil long past 2030, when scientists say the world needs to have drastically cut greenhouse gas emissions to stave off catastrophic climate change.
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