Federal court decision could slow oil industry efforts to store carbon in the Gulf of Mexico
Fossil fuel companies’ hopes of sequestering captured greenhouse gas emissions at the bottom of the Gulf of Mexico hit a snag last week when a federal court revoked a gigantic oil and gas lease sale the Biden Administration held last November. ExxonMobil was the biggest spender at the time, bidding on nearly 100 leases in shallow waters. Because the areas it bid on weren’t expected to be very lucrative for oil and gas drilling, experts speculated that ExxonMobil would use the areas for storing captured CO2.
But late last week, US District Court Judge Rudolph Contreras canceled leases issued during the November sale. The enormous sale, which auctioned off 80.8 million acres in the Gulf of Mexico, was challenged in federal court by...
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