Arctic Oil Auction Breaks Records, Sparks Controversy

0:00You're listening to Anchorage News today, powered by the Daily News Now. A record-breaking auction for drilling rights in Alaska's National Petroleum Reserve just wrapped up, pulling in nearly 164 million. Dollars and bids from 11 companies. That's the strongest sale ever in the reserve, covering more than 1,300,000 acres in the Western Arctic, half the money heads straight to the state of Alaska. Bidding heated up around the Willow Project by Conoco Phillips, with the company placing major offers alongside others like Repsol, which snagged. 42 leases in partnership with Shell. Some bids top $2 million each, showing real competition after years of quieter sales. Industry experts are calling it a sign of renewed interest in Arctic oil, especially as electric vehicle hype cools and tax credits shift. An economist noted multiple bids on many tracks for the first time in ages, suggesting big projects like Willow won't be the last on the North Slope.

1:00Oil leaders say it proves a healthy sector that needs steady rules for long-term development, which could take years to ramp up. Meanwhile, environmental groups slam bids near sensitive to Shekpug Lake, home to Caribou and Wildlife. A federal judge recently reinstated protections there, clouding the fate of those leases. Critics warn that betting big on fossil fuels in the Arctic carries big risks as the world pushes away from oil. Quick thanks to today's sponsor, see the description for more. Your pillow, your podcast, your moment made for listening in bed, S-O-L-I-S-O-L-Pillow.com.