The Jan. 2025 Arctic Refuge lease sale attracted zero bids from oil companies.

Question

Accepted Answer

The Jan. 2025 Arctic Refuge lease sale drew zero bids from oil companies, marking the second failed auction in four years. The first sale in 2021 under Trump drew 11 bids totaling just $14.4 million instead of the projected $1.8 billion. All 2021 leases were eventually forfeited—two relinquished by companies, seven canceled by Interior Secretary Haaland. The lack of bids reflects legal risks, social opposition, and high costs of Arctic development. Major banks including JPMorgan Chase, Goldman Sachs, Wells Fargo, and Citigroup won't finance Arctic Refuge drilling. More than 20 insurance companies adopted policies refusing to insure the projects. Even major oil companies like ExxonMobil, Chevron, and ConocoPhillips said they have no plans for Arctic Refuge development.

The Jan. 2025 Arctic Refuge lease sale attracted zero bids from oil companies.

Explanation

Sources

Related Questions

PRINCIPLE

EXPLORE

RESOURCES