First Lease Sale In The Gulf Since BP Oil Disaster To Happen In December
Tens of millions of acres in the western Gulf of Mexico will be going on sale for the first time since the BP Oil Spill. It's scheduled to be sold on December 14th. Louisiana Oil & Gas Association president Don Briggs hopes that once companies buy the leases, they'll be allowed to drill. Briggs says they'll need deep pockets; the Interior Department hopes to triple the minimum lease bid. Oil companies will be charged $100 an acre for the opportunity to search for oil and gas.