The Department of the Interior just announced that it’s revving the engine on another offshore lease sale in the Gulf of Mexico, which was recently renamed by the Trump Administration to the Gulf of America, slated for 2025.
Secretary of the Interior Doug Burgum made it crystal clear: the era of locking up domestic energy is over. The Bureau of Ocean Energy Management (BOEM) is dusting off its charts, pointing to an estimated 29.6 billion barrels of undiscovered oil and nearly 55 trillion cubic feet of gas lurking beneath the waves. That’s a lot of hydrocarbons just waiting to fund highways, schools, and more.
‘;
document.write(write_html);
}
BOEM plans to issue the proposed notice of sale in June. These Outer Continental Shelf sales don’t just boost U.S. energy independence—they shovel billions into the Treasury, with a side of revenue-sharing to keep coastal states happy and well-funded.
This move is a not-so-subtle jab at the Biden administration’s approach to leasing. Burgum isn’t shy about blaming the previous administration for high costs, or about promising that Trump-era “Energy Dominance” is back on the menu. Translation: get ready for more rigs, more jobs, and a big push to reassert America’s dominance in global energy markets.
Meanwhile, oil prices have tanked well below the Permian’s average breakeven, as a result of President Trump’s Liberation Day tariffs and OPEC+’s decision to increase production quotas for May by three times as much as expected. At 4:45 pm ET, WTI crude was trading down 6.62% at $62.52 per barrel, with Brent trading at $66.15 (-5.69%).
For the current US administration, the lease sale isn’t just about oil and gas—it’s about wresting back control of energy policy with a sledgehammer—maybe with a little offshore drilling flair while they’re at it.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com
- Your Next iPhone Could Cost $2,300—But Oil Prices Might Stay Stuck
- Trump’s Tariffs Trigger Biggest Oil Price Drop Since 2021
- Russian Court Rules CPC Oil Export Capacity Should Stay Open
