In a normal year, the autumn months would be filled with the smell of brisket at a tailgate barbecue and the sound of college football fans cheering in their favorite team's stadium. But with the college football stadiums largely empty due to COVID-19, is there something that could fill the void? Well, maybe. The Bureau of Ocean Energy Management (BOEM) a couple months back issued a notice proposing Lease Sale 256 for oil and gas exploration of 78.8 million acres in the Gulf of Mexico (GOM). You will probably not be able to find the announcement of the lease sale on ESPN this November, but you will be able to tune into the livestream set in New Orleans. Today, we describe the process for bidding and acquiring lease acreage in the Gulf of Mexico.
RBN is pleased to announce that today’s blog was among the winning submissions in our first-ever blog writing competition held for students in Texas A&M’s Trading Risk & Investment Program (TRIP). For more about the contest and links to other top entries, click here.
The Gulf of Mexico is a vital source of oil and gas production for the U.S., accounting for 97% of all offshore production in the U.S. Outer Continental Shelf (OCS). The OCS consists of all submerged land that lies in coastal waters under the jurisdiction of the U.S., and contains what the BOEM estimates to be about 48 billion barrels of crude oil and 141 trillion cubic feet of natural gas that is undiscovered and technically recoverable. Lease Sale 256 is a part of a five-year schedule called the 2017-22 National OCS Oil and Gas Leasing Program, which is mandated by the Outer Continental Shelf Lands Act (OCSLA). This law, enacted in 1953, sets forth that the Bureau of Ocean Energy Management (BOEM) must propose and set guidelines for a five-year plan to sell oil and gas acreage in the OCS. Lease Sale 256 is the seventh sale under the 2017-22 program, and involves all of the available unleased areas in the federal-controlled waters of the Gulf.
Of note, Florida was exempted in the five-year OCS plan. Then, earlier this month (September 8), President Trump extended, for 10 years, a moratorium that was set to expire in 2022 on new lease sales in the Eastern GOM — an area that sits close to existing infrastructure and includes a play known as the Destin Dome, about 25 miles south of Pensacola, FL. The ban was also expanded to include the Atlantic Coast between Florida and South Carolina.
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About the song
"Gulf of Mexico" was written by Teddy Gentry and Robert Byrne, and appears as the 10th song on Alabama's 13th studio album, Pass It On Down. Personnel on the record were: Randy Owen (lead vocal, electric guitar, backing vocals), Jeff Cook (fiddle, electric guitar, backing vocals), Teddy Gentry (bass, backing vocals), and Mark Herndon (drums), with the assistance of 24 studio musicians.
Pass It On Down was produced by Alabama with Larry Michael Lee and Josh Leo. The LP was released in May 1990, and went to #3 on the Billboard Top Country Albums chart and #57 on the Billboard Top 200 Albums chart. Five singles were released from the album, three went to #1 on the country charts. The album has been certified Platinum by the Recording Industry Association of America.
Alabama is an American country and southern rock band formed in Fort Payne, AL, in 1969 by Randy Owen and his cousins Teddy Gentry and Jeff Cook. They were called "Wildcountry" until 1977, when they changed their name to Alabama. The band has had seven multi-platinum albums and 27 #1 hit singles, and has sold more than 75 million records worldwide, making them the most successful band in country music history. Alabama has released 26 studio albums, four live albums, 21 compilation albums, and 74 singles. They have won over 200 awards from various organizations, and have a star on the Hollywood Walk of Fame. Eight members have passed through the ranks of Alabama since its formation; founding members Owen, Gentry, and Cook are still in the band. The band broke up in 2004, but reunited in 2010. In September 2015, they released their first new album in 14 years, Southern Drawl. The band still tours occasionally, and has dates booked beginning in mid-October of this year.
