Oil-Lease Minimum Price Doubled in Western Gulf Under U.S. Plan

Bloomberg reports that the U.S. plans to more than double the minimum bid on oil leases in the western Gulf of Mexico.

The market news is quoted as saying:
The U.S. will seek bidders for all available unleased areas in the Western Gulf off the Texas coast, in depths from 16 feet to more than 10,975 feet.

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