The Trump administration just tried auctioning-off oil leases in the Arctic. Due to low oil prices there were no bids on 99.2% of the land auctioned.
The 0.8% of the acreage attracting bids topped out at only $14.99 per acre, with bids ranging down to pennies an acre.
The auction netted a total of only $1.2 million from the sole bidder ConocoPhillips Alaska - Anadarco E&P Onshore LLC who essentially bought a million Dollar lottery ticket that these leases might someday become worth something before they expire. They certainly have no intention of drilling there now.
The Trump administration had anticipated $1.5 trillion to pay for his tax giveaways.
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