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Third Trump Gulf of America offshore oil and gas lease auction draws weak bidding

Just 12 oil companies participated in the auction, submitting a total of 69 bids on 330,000 acres — less than 1% of what was offered.

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Just 12 oil companies participated in the auction, submitting a total of 69 bids on 330,000 acres — less than 1% of what was offered.

Interior auctioned 81 million Gulf of Mexico acres Wednesday, but bidders claimed just 0.4% of the acreage in the third of 30 mandated sales.