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Could US Gulf of Mexico oil and gas leases be reversed?

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Listen: Could US Gulf of Mexico oil and gas leases be reversed?

Last week, the Trump administration held its latest auction for oil and gas leases in the Gulf of Mexico. The sale generated high bids of less than $160 million, drawing interest in less than 1% of the total acreage offered. But could those bids be nullified?

On today's podcast, Brettny Hardy, a staff attorney with Earthjustice, talks about a legal battle aimed at overturning offshore US lease sales. Hardy claims that, in its analyses ahead of these sales, the Trump administration overlooked the impact of recent efforts to weaken offshore safety rules and new incentives for drilling in shallow waters.

Starr Spencer, a senior editor with S&P Global Platts, also stops by to discuss the results of last week's sales, which sales drew the most interest, offshore breakeven prices, and whether interest from producers in the Gulf is waning.