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Auction of Oil Drilling Tracts in Gulf Draws Tepid Interest

HOUSTON — In a setback to Trump administration efforts to increase offshore oil production, the industry responded with only modest interest on Wednesday in a federal auction covering a record 77 million acres in the Gulf of Mexico. Companies bid on only 1 percent of the acreage, and the winning bids yielded a mere $125 million for the government. The results reflected broad uncertainty among oil executives that global oil prices can remain at current levels over $60 a barrel, as well as a general preference for drilling in onshore shale fields that require smaller investments and are less risky. FULL ARTICLE

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