How much did the 2021 Arctic Refuge lease sale raise?

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The 2021 Arctic Refuge lease sale raised just $14.4 million from 11 bids, instead of the projected $1.8 billion Trump's administration estimated. Congress used the inflated revenue projections to justify including Arctic lease sales in the 2017 tax cut bill. The massive gap between projected and actual revenue exposed how wildly optimistic the drilling advocates were. The Alaska Industrial Development and Export Authority bought seven leases totaling about 370,000 acres. Two oil companies bought leases but later relinquished them. Interior Secretary Haaland canceled the seven state-backed leases in 2023 due to legal deficiencies. The Jan. 2025 sale drew zero bids, generating no revenue at all. This pattern shows oil companies don't see Arctic Refuge drilling as economically viable despite political pressure.

How much did the 2021 Arctic Refuge lease sale raise?

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