US proposes Gulf of Mexico oil and gas lease sale in December
President Donald Trump has renamed the Gulf of Mexico the Gulf of America.
The sale would be the first of three outlined in a Biden-era five-year offshore drilling program that included the smallest ever number of oil and gas auctions.
The administration plans to offer about 15,000 unleased blocks located 3 to 231 miles offshore, according to BOEM, a division of the Department of the Interior. It is proposing a royalty rate of 16.67%, the lowest rate since 2007, BOEM said.
"Offshore oil and gas play a vital role in our nation's energy portfolio, with the Gulf of America supplying 14% of domestically produced oil," BOEM Principal Deputy Director Matt Giacona said in a statement. "This proposed lease sale demonstrates BOEM's commitment to advancing American Energy Dominance and fostering the production of affordable, reliable energy resources for the nation.'
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Daily Mail
6 minutes ago
- Daily Mail
MAGA erupts after Trump's bombshell move to unseal Epstein testimony and sue Rupert Murdoch's 'a** off' over raunchy birthday letter
MAGA allies who turned their backs on President Donald Trump for failing to release Jeffrey Epstein 's client list have once again rallied behind him as he vows to unseal bombshell testimony about the disgraced billionaire's crimes. Trump called on Attorney General Pam Bondi to seek the court's approval to release 'any and all' grand jury testimony about Epstein's crimes after The Wall Street Journal published a story about a salacious birthday card Trump allegedly sent him when he turned 50 in 2003. The alleged card featured the outline of a naked woman with pubic hair drawn out with the signature 'Donald.' The typewritten text reads: 'Happy Birthday - and may every day be another wonderful secret.' Trump denies he wrote the letter and is vowing to release the testimony to spite Democrats who have perpetuated the 'Epstein hoax.' The promise has renewed hope among MAGA loyalists who have been publicly criticizing him and calling for Bondi's resignation for the past week after the duo failed to deliver on a campaign pledge to release Epstein's client list. Trump went so far as to insist he 'doesn't want their support anymore ', calling people who believed the Epstein hoax 'weaklings' who had fallen for Democrats lies. Riley Gaines was among the first MAGA influencers to praise Trump for vowing to release grand jury testimony, writing: 'This is fantastic news. I imagine the democrats will be eating their words.' Gaines slammed Trump earlier this week, writing: 'Was it stupid & foolish when he campaigned on releasing the files? Are Pam Bondi, Kash Patel, Dan Bongino, and Alina Habba all foolish & stupid for peddling this for the past 6 months? Why on earth is he doing this?' MAGA allies who turned their backs on President Donald Trump for failing to release Jeffrey Epstein 's client list have once again rallied behind him as he vows to unseal bombshell testimony about the disgraced billionaire's crimes Trump's eldest son Donald Trump Jr. also shared his father's news, writing 'LFG' - which stands for 'let's f***ing go.' Representative Marjorie Taylor Greene, who was critical of Trump's handling of the Epstein saga, said: 'This is the right course of action. Thank you Pam Bondi and President Donald Trump.' 'If President Trump was guilty of anything regarding Jeffrey Epstein, Democrats would have used it against him the past 4 years... Democrats, spare us your fake outrage.' Charlie Kirk, who earlier this week said he was 'done talking about Epstein' in a public show of loyalty, shared Trump Jr.'s post and wrote: 'Major move. Let's go!' Benny Johnson described Trump's announcement as a 'victory' for MAGA fans who still have questions about the Epstein files. Within hours of the WSJ report's publication, Trump issued an initial scorched earth message insisting the letter was fake and asked Bondi to release 'all pertinent' Grand Jury testimony. Bondi instantly responded: 'President Trump - we are ready to move the court tomorrow to unseal the grand jury transcripts.' But critics have argued that what Trump is suggesting Bondi release is just a small portion of the files that they likely have on Epstein's crimes. Many have questioned whether this is 'just another tactic' and remain deeply divided over Trump's motivations for backing away from releasing the files in full. Elon Musk had earlier suggested Trump was hesitating to release the files 'because he's in them', before removing his remarks and apologizing. Musk has been among the loudest critics, unfollowing Bondi on X and describing her comments as 'the final straw.' On July 8, Musk weighed in again, writing: 'How can people be expected to have faith in Trump if he won't release the Epstein files?' But on Thursday even Musk questioned the validity of the letter the Journal has cited, responding to Megyn Kelly's X post with a statement which read: 'Yeah, the letter sounds bogus.' Bondi and Trump are both under immense pressure from MAGA loyalists after failing to expose Epstein's client list and reveal the truth about his alleged suicide inside his cell in 2019 while awaiting trial for child sex trafficking charges. Bondi in February shared binders with MAGA influencers called 'Phase 1' of the Epstein release, but the folders contained previously published information. She assured the public at the time that the client list was 'on her desk to be reviewed' and that more bombshell information would soon follow. Last week, she backtracked and insisted the highly sought after client list 'doesn't exist.' She also said that Epstein killed himself in jail, and that there was no evidence to suggest he was murdered. The lack of new information has sparked MAGA mutiny and deeply divided his base. And while they have come together to condemn the WSJ report, many now appear quietly hopeful it will force Trump's hand to continue sharing more about what his administration knows about Epstein. Trump denied the story again on Thursday night, writing on Truth Social: 'The Wall Street Journal printed a FAKE letter, supposedly to Epstein. 'These are not my words, not the way I talk. Also, I don't draw pictures. I told Rupert Murdoch it was a Scam, that he shouldn't print this Fake Story. But he did, and now I'm going to sue his ass off, and that of his third rate newspaper.' The WSJ report claimed Trump took part in Epstein's 50th birthday album by sending well wishes along with a randy message and a hand-drawn nude woman. According to the Journal, the naked woman appeared to have been drawn with a marker, with a pair of arcs indicating the woman's breasts and a squiggly signature reading 'Donald' appearing in her pubic region, mimicking hair. 'This is not me,' Trump said in a denial published within the story. 'This is a fake thing. It's a fake Wall Street Journal story. 'I never wrote a picture in my life. I don't draw pictures of women. It's not my language. It's not my words.' Although Trump claimed he 'never wrote a picture in my life', several sketches he made of New York City landmarks as early as 2004 are readily available online. The alleged letter reportedly contained an imaginary conversation between Epstein and Trump, written in third person. In the imaginary conversation, 'Donald' writes: 'We have certain things in common, Jeffrey', to which 'Jeffrey' replies: 'Yes we do, come to think of it.' 'Donald' then responds: 'Enigmas never age, have you noticed that', and imaginary 'Jeffrey' says 'as a matter of fact, it was clear to me the last time I saw you.' Trump said Thursday he spoke directly with both the editor of the WSJ, Emma Tucker, and Murdoch himself about the contents of the letter they were citing. '[They] were warned directly by President Donald J. Trump that the supposed letter they printed by President Trump to Epstein was a FAKE and, if they print it, they will be sued,' Trump wrote. 'Mr. Murdoch stated that he would take care of it but, obviously, did not have the power to do so.' Trump claimed Tucker 'did not want to hear' from White House press secretary Karoline Leavitt that the 'letter was a FAKE.' 'Instead, they are going with a false, malicious, and defamatory story anyway. President Trump will be suing The Wall Street Journal, NewsCorp, and Mr. Murdoch, shortly. 'The Press has to learn to be truthful, and not rely on sources that probably don't even exist.' Trump doubled down on his claims that the Epstein saga is a 'hoax' perpetuated by Democrats, arguing that if he were involved in anything scandalous, it would have been released by 'Comey, Brennan, Crooked Hillary and other Radical Left Lunatics years ago. 'It certainly would not have sat in a file waiting for 'TRUMP' to have won three Elections. This is yet another example of FAKE NEWS,' he wrote. Trump said he 'looks forward to suing and holding accountable the once great Wall Street Journal. 'It has truly turned out to be a 'Disgusting and Filthy Rag' and, writing defamatory lies like this, shows their desperation to remain relevant.'
Reuters
6 minutes ago
- Reuters
BP sells US onshore wind business to LS Power
July 18 (Reuters) - Energy major BP (BP.L), opens new tab said on Friday it had agreed to sell its U.S. onshore wind business, bp Wind Energy, to U.S.-based electricity transmission systems operator LS Power. bp Wind Energy will be owned and operated under LS Power portfolio company Clearlight Energy, BP said.
Reuters
6 minutes ago
- Reuters
Trump's push for a comeback in coal may turn to ashes
LITTLETON, Colorado, July 18 (Reuters) - U.S. President Donald Trump has singled out the coal industry as a key driver of U.S. energy dominance, but there are currently no new U.S. coal plants under construction and utilities have identified quicker and cheaper paths to boost power supplies. In the first few months of Trump's second term, he has signed several executive orders and deployed federal funding aimed at reviving the coal mining and power sectors. read more read more read more read more But U.S. utilities continue to prioritize adding renewables, batteries, gas and nuclear power ahead of new coal-fired capacity based on the cost and efficiency. Even the coal export market has only limited growth potential, as Indonesia and Australia - much larger exporters - boast far quicker and cheaper access to key buyers in Asia, the only region showing a sustained increase in coal demand. That means that even with strong support from the federal government, the U.S. coal sector may still struggle to generate any sustained growth over the near to medium term as global energy systems continue to lean towards cleaner power supplies. There's been six times more coal power plants retired than constructed in the U.S. this century, which underscores the scope of the challenge facing even the most ardent coal bulls as they try to engineer an industry revival. Between 2000 and 2024, nearly 166,000 megawatts (MW) of outdated coal capacity was retired in the United States, according to data from Global Energy Monitor (GEM). And even though around 26,000 MW of new U.S. coal plants have been constructed since 2000, the newest - the Sandy Creek Energy Station in Texas - came online over a decade ago. This has caused total U.S. coal power generation capacity to drop by around 42% in the last quarter century, to around 194 gigawatts, according to Ember. The rapid retirement pace reflects the age of the U.S. coal power network, as more than 80% of all U.S. coal power plants were built between 1950 and 1990, according to the U.S. Energy Information Administration (EIA). And over 75% of the remaining plants are already 40 years old or more, exceeding their expected lifespan. Several power networks have delayed the closure of some aged plants on the grounds that keeping them operating will avert potential power shortages. And the Trump administration has exempted several coal plants from new emissions standards that would have forced them to close within the next decade. read more However, the power generation sector is handling less and less coal as more plants have been retired and replaced by other forms of generation. Indeed, since 2000 there has been a 65% decline in the amount of coal used by the power sector, data from the Energy Institute shows. There is thus little appetite among utilities to construct new coal plants, given the plethora of alternatives available to them that can generate power more quickly and cheaply and with fewer emissions. The drop in coal-fired U.S. power has led to a sharp fall in domestic coal mine output, which has more than halved since 2000 to just over half a billion short tons in 2024, EIA data shows. Wyoming (237 million tons), West Virginia (85 million tons), Pennsylvania (43 million tons) and Kentucky (28 million tons) were the top coal producing states in 2023. Lower mine output has triggered steep cuts to the number of people engaged in coal mining, which peaked this century in 2011 at around 91,600, but contracted to around 45,500 by 2023, EIA data shows. Every major coal mining state has been affected by layoffs, with some harder hit than others. Kentucky has seen coal employee levels drop by over 70% since 2011, while Pennsylvania and Virginia have seen employee numbers fall by nearly half. The hardships resulting from these mass layoffs have helped turn the coal mining sector, which is primarily found in Republican "red" states, into an influential political force, as candidates look to tout their industry-friendly credentials. This has certainly been the case with Trump. Beyond encouraging power networks to increase use of coal in generation, the Trump administration has recently approved mine expansions on federal land in order to boost supplies for export to Japan and South Korea. Targeting Asia makes sense given that the region's buyers already account for over half of all U.S. thermal coal shipments, data from Kpler shows, as well as 80% of global coal consumption. However, U.S. market share in the region can only grow so much, as rival exporters such as Indonesia still boast a significant advantage in terms of shipping times and cost. The journey time for a possible coal shipment from Westshore export port in British Columbia - the main exit point for coal mined in the Western U.S. - to Japan is around 15 days, according to LSEG. In contrast, the journey time from the largest coal export point in Indonesia to Japan is nine days. In addition to cutting the journey time by over a third, Indonesian coal exporters can also offer lower coal costs and larger cargo volumes, an attractive combination for large-scale importers. That means that U.S. vendors will likely only be able to eke out piecemeal sales to Asian buyers, while bigger exporters secure larger and more regular trade flows to the region's utilities. In combination with declining coal demand by power plants at home, this will likely leave the coal mining sector struggling to generate sustained demand for its output, regardless of how much support it enjoys in Washington, DC. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.
