The Biden administration has auctioned off a massive stretch of the Gulf of Mexico to oil and gas drilling. The auction drew a combined $263 million in bids, with interest from Chevron, ExxonMobil and Shell. Those companies have seen record profits this year amid high prices for gasoline and other fossil fuels.
House Republicans are set to approve a sprawling energy package that seeks to undo virtually all of Pres. Biden’s agenda to address climate change. The GOP bill up for a vote today would sharply increase domestic production of oil, natural gas and coal, and ease permitting restrictions that delay pipelines, refineries and other projects. It also would boost production of critical minerals that are used in electric vehicles, computers and cellphones. But Senate Majority Leader Chuck Schumer says the measure is “dead on arrival” in the Senate, and Pres. Biden says he’ll veto it if it reaches his desk.
Futures are up after stocks posted sharp gains yesterday. The Dow Industrials jumped 323, the NASDAQ rose 210 and the S&P 500 was up 56.
