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Keyword: energyfascts

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  • Two-thirds of oil and gas leases in Gulf inactive

    03/29/2011 11:25:31 AM PDT · by safetysign · 30 replies
    Associated Press ^ | 03/29/2011 | Julie Pace
    An Interior Department report to be released Tuesday says more than two-thirds of offshore oil and gas leases in the Gulf of Mexico are sitting idle. According to the report, obtained by The Associated Press, those inactive swaths of the Gulf could potentially hold more than 11 billion barrels of oil and 50 trillion cubic feet of natural gas. The report also shows that 45 percent of all onshore oil and gas leases are inactive.