DOI Says 70% Of Offshore Oil Leases Remain Idle

Law360, New York (March 29, 2011, 6:33 PM EDT) -- The U.S. Department of Interior said in a report Tuesday that approximately 70 percent of offshore leases for oil and natural gas development in the Gulf of Mexico remain idle, and that it is considering ways to incentivize energy exploration.

The report, requested by President Barack Obama on March 11, comes on the same day that House Republicans announced three new energy bills, one of which would require the sale of new leases in the Gulf of Mexico and off the shores of Virginia.

The DOI...
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