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Biden proposal would allow up to 11 offshore-drilling sales

Posted by: Market Watch in Market News July 1, 2022

The Biden administration on Friday proposed up to 10 oil and gas lease sales in the Gulf of Mexico and one off the Alaska coast over the next five years, scaling back a Trump-era plan that called for dozens of offshore drilling opportunities, including in undeveloped areas. Administration officials said fewer lease sales – or even no lease sales at all – could occur, with a final decision not due for months. Friday’s announcement opens a 90-day public comment period, then a final plan must be submitted to Congress. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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