US to hold oil, gas lease sale in Gulf of Mexico

It is uncertain how eager energy companies will be to purchase leases in the gulf, which the administration of President Donald Trump has renamed the Gulf of America, as they weigh sliding oil prices with the infrequency of sales.

Oil prices sank on Friday to about $65 a barrel, the lowest levels since the middle of the pandemic in 2021, after China said it would impose additional tariffs, in response to Trump's tariff hikes.