Alaska Oil & Gas Auction Kicks Off

0:00On March 18, the U.S. government is kicking off a major sale of oil and gas drilling rights in Alaska's National Petroleum Reserve today, the first, one there since 2019. The Bureau of Land Management is putting up 600 tracks across 5.5 million acres for bids from energy companies. They'll open and read the bids live on the agency's website at 10 a.m. Alaska time. This auction marks the start of at least five sales required under President Trump's One Big Beautiful Bill Act, which he signed last year. His team aimed to boost domestic production and rollback restrictions from the Biden era on drilling in the reserve. Industry turnout has been pretty lukewarm lately, though, with high risks and billions in potential costs keeping companies cautious. Just earlier this month, no one bid on offshore rights in Alaska's Cook Inlet. The reserve, often called MPRA, spans 23 million acres and was set aside in the 1970s for energy exploration during shortages.

1:00The last sale in 2019 pulled an $11.3 million for just over 1 million acres. State leaders and some native communities back, more drilling for the jobs and tax dollars it brings while environmental groups warn it could harm. Polar bears and caribou habitats. We'll see if today's bids signal a shift in interest.