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Oil Firms Bid $279M for Controversial Gulf Drilling Rights

12/11/2025

Summary

Story summary

Oil companies bid $279 million for Gulf of Mexico drilling rights, the first of 30 planned sales.
The administration of U.S. President Donald Trump announced approval for new drilling off Florida and California, despite concerns about tourism impacts.
The sale is mandated by a recent tax-and-spending bill and includes a 12.5% royalty, the lowest since 2007.
Environmentalists warn that increased drilling poses risks to wildlife, citing the Deepwater Horizon spill.

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Story summary

Oil companies bid $279 million for Gulf of Mexico drilling rights, the first of 30 planned sales.
The administration of U.S. President Donald Trump announced approval for new drilling off Florida and California, despite concerns about tourism impacts.
The sale is mandated by a recent tax-and-spending bill and includes a 12.5% royalty, the lowest since 2007.
Environmentalists warn that increased drilling poses risks to wildlife, citing the Deepwater Horizon spill.