New Gulf Leases Could Yield 1B Barrels of Oil
38M acres set for auction
By Matt Cantor, Newser User
Posted Feb 8, 2013 4:48 AM CST
The US is leasing up to 38 million acres for oil and gas drilling in the Gulf of Mexico.   (Shutterstock)

(Newser) – The US is nearly ready to auction off oil and gas drilling leases for up to 38 million acres in the Gulf of Mexico—an area which could yield some 1 billion barrels of oil and 4 trillion cubic feet of natural gas, the Wall Street Journal reports. The March 20 sale will cover areas throughout the Central Gulf, off Alabama, Louisiana, and Mississippi. Areas available range from three miles to 230 miles offshore. Last June's Central Gulf sale of more than 2.4 million acres garnered $1.7 billion; another Gulf sale is set for later this year, the Journal notes.

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Showing 3 of 19 comments
Feb 9, 2013 1:32 AM CST
One billion barrels of oil will take decades to drill out and we (just the U.S.) burn at the rate of one billion barrels each 53 days. So this story is about 53 days worth of oil for the U.S.
Feb 8, 2013 9:36 PM CST
Once again, human greed will hurt Mother Nature...
Feb 8, 2013 10:01 AM CST
Everyone concentrates on drilling but big oil made a decision in the late 70's to reduce refining capacity. Want to know where high gas prices originate, take a guess. Last month a California refinery went down for a week and prices sky rocketed for them. Build more capacity and watch prices fall.