Third Gulf of Mexico Lease Sale Held as Trump Administration Puts 81 Million Acres Up for Auction

The US Interior Department put more than 81 million acres of Gulf of Mexico oil and gas blocks up for auction on Wednesday, August 12, 2026 (21 Mordad 1405), the third of 30 Gulf lease sales mandated under the Trump administration's 2025 tax and spending law. According to Oilprice.com, it is the second Gulf sale since the US Israeli war with Iran began in February 2026, which disrupted Middle East crude supplies and pushed oil prices to four year highs; Brent crude was trading above $89 a barrel on Wednesday. Despite the large area on offer, only 12 companies submitted 69 bids covering about 330,000 acres, roughly 0.4% of the total acreage offered. The previous auction in March drew $46.98 million in high bids for 25 blocks, down from $300.4 million in bids at the first sale in December. The Gulf accounts for roughly 15% of US oil production, but Oilprice.com noted the auction will do little to immediately offset the supply disruption from the Iran war, since offshore projects require heavy upfront capital and long lead times.