Offshore Bids Slated For Opening in California
Federal auction opens offshore oil lease bids along Southern California coast after state and local objections were rejected. Bids expected to exceed 2 billion dollars for 1.26 million acres between Santa Barbara Channel and the Mexican border. Tracts hold potential reserves of billions of barrels and trillions of cubic feet of natural gas, with the sale amid a push to cut dependence on imported oil.
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