The Gulf of Mexico Is a Premier Low Carbon Basin; Interior Must Complete Next Five-Year Leasing Program

National Ocean Industries Association (NOIA) President Erik Milito issued the following statement after the conclusion of Gulf of Mexico Lease Sale 257, which generated more than $191 million in winning bids over 308 lease blocks:

“Lease Sale 257 reflects the U.S. Gulf of Mexico’s record as a low carbon energy basin. Energy companies are increasingly making decisions that incorporate climate and ESG factors and want to produce oil from regions with a low carbon intensity. With its world class infrastructure and prospective resources, the Gulf of Mexico provides an incredible value proposition in society’s efforts to tackle climate change while preserving jobs and economic growth and mitigating against inflationary energy prices.

“While providing a lower carbon energy alternative to oil produced by foreign, higher emitting producers, like Russia and China, the Gulf of Mexico supply chain is also contributing to the build-out of the American offshore wind sector and is investing in emissions mitigation solutions such as carbon capture and storage.

“The benefits that flow from the Gulf of Mexico oil and gas industry are vast. The Gulf of Mexico supports hundreds of thousands of high paying and accessible jobs, generates vital government revenues for conservation and recreation programs, including ones in economically distressed urban areas, and provides home grown energy to help avert inflationary risks and proactively ensure affordable energy for all walks of life, especially low-income communities. Regardless of party, policymakers should embrace the Gulf of Mexico and recognize it as a national strategic energy asset.

“Continued leasing is critical to our energy future; good decisions today will benefit America tomorrow. With the current leasing program expiring this coming summer, the Biden Administration must expeditiously finalize the next Five Year Program for OCS oil and gas leasing. Not only is the development of a new leasing program required by law, but continued lease sales will advance climate progress, stimulate continued economic growth, support high-paying jobs throughout the country, and strengthen our long-term national security.”

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