Alaska offshore oil lease sale nets just one bid after being revived by Inflation Reduction Act ...Middle East

An offshore drilling auction off the Southern Alaska coast netted little interest after it was revived by the Inflation Reduction Act.  Just one company bid on the chance to drill on just one tract out of 193 that were offered up for lease in Alaska’s Cook Inlet. The Interior Department was compelled to hold the auction by the Inflation Reduction Act after previously canceling the sale due to lack of industry interest.  The provision was included in the Democrats’ climate, tax and healthcare bill to secure the support of Sen. Joe Manchin (D-W.Va.).   Kristen Monsell, oceans legal director at the Center for Biological Diversity, which opposed the sale, described it as a “flop.”

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