iht.com — The federal government will allow oil companies to bid for oil and gas leases for 3 million acres in the sprawling National Petroleum Reserve-Alaska, officials announced. No oil or gas production has resulted from previous lease sales. However, officials with the Bureau of Land Management touted the upcoming sale, the fifth since 1999, as an opportunity to offset high fuel costs. The government estimates that the acres it plans to put up for bid could yield several billion barrels of oil and a significant amount of natural gas. Late last year, oil companies returned 300,000 acres in the reserve to the federal government, saying the land did not contain enough oil and gas to justify the high costs of extraction and transportation in the remote Arctic environment.
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