Stories by Ben Geman

Between the lines: $178 million on Gulf of Mexico drilling lease sales

Oil tanker on Gulf of Mexico
An oil tanker at sunset near Galveston, Texas. Photo: Dave Walsh/VW Pics/UIG via Getty Images

Yesterday's Gulf of Mexico lease sale drew $178 million in winning bids from oil companies, spanning 144 tracts in the region that cover around 800,000 acres.

The big picture: The total was very modest by comparison to many sales in the past, including auctions in the mid-2000s, when high oil prices led to high bids totaling several billion dollars.

Study finds surging water volumes needed for fracking boom

A fracking site in Texas. Photo: Spencer Platt/Getty Images

The amount of water needed for new oil and gas wells developed via fracking has surged in recent years — and it's slated to keep rising — Duke University researchers conclude in a new paper.

Why it matters: It underscores resource challenges, especially in arid regions like West Texas that accompany the decade-old boom in fracking and horizontal drilling, which has pushed U.S. oil and gas production to record levels.

Report: SEC subpoenas Tesla over Musk's claims

Illustration: Sarah Grillo/Axios

The Securities and Exchange Commission is formally requesting information from electric automaker Tesla about its take-private plan and CEO Elon Musk's unverified claim that he has "funding secured," according to a tweet from Fox Business's Charlie Gasparino.

Why it matters: Subpoenas signal that the SEC's ongoing probe has intensified, and traders reacted by sending Tesla's stock lower by more than 3%. A Tesla spokesman declined comment.

Go deeper: Elon Musk again tweeted misinformation