NEW ORLEANS (AP) -- Bidding on federal oil and gas leases in the Gulf of Mexico is the lowest since gulf-wide sales began in August 2017, and lower even than any sale for the productive central Gulf since 1993.
The Bureau of Ocean Energy Management says 22 companies made $93 million in high bids Wednesday on 71 tracts.
The low interest comes during a price war between Russia and Saudi Arabia.
Worldwide drops in travel because of the new coronavirus have also dropped oil prices to their lowest since 2016.
Prices plummeted again Wednesday from less than $27 a barrel to $20.37 a barrel.