Trump Administration Sells Gulf Oil Leases for $82.7 Million

The Trump administration auctioned more than 81 million acres of oil and gas drilling rights in the Gulf of Mexico—renamed the Gulf of America by executive order—generating $82.7 million in high bids on August 12, 2026. Managed by the newly created Marine Minerals Administration, the sale offered 15,100 unleased blocks. Sixteen companies, including Shell, Chevron, Equinor, and BP, submitted 69 bids covering 330,000 acres, or roughly 0.4% of the total area offered.

This auction is the third of 30 mandated by the One Big Beautiful Bill Act of 2025, a tax cut and spending law designed to increase domestic energy production amid soaring oil prices caused by the U.S.-Israeli war with Iran. To facilitate the sale, Secretary of the Interior Doug Burgum led the Endangered Species Committee in lifting protections for regional species to reduce regulatory hurdles.

While the $82.7 million revenue exceeded the $47 million generated in March, it remained significantly lower than the $279.4 million raised in December 2025. Industry representatives from the National Ocean Industries Association praised the predictable leasing schedule as a means to strengthen national security and economic growth. Conversely, environmental groups including Earthjustice and the Natural Resources Defense Council condemned the sale, describing it as an unacceptable giveaway that threatens critical habitats and marine life.