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Expand chart
Data: Bureau of Ocean Energy Management; Chart: Chris Canipe/Axios

A top official in Obama's Interior Department has an interesting new essay arguing that last month's Gulf of Mexico lease sale wasn't really the flop that it seemed, despite the low bidding totals.

"The extent to which the lease sale was portrayed as a disappointment appears more a factor of the Administration’s amped-up rhetoric as opposed to anything surprising or negative about the actual results."
— Tommy Beaudreau for Columbia University's Center on Global Energy Policy

One level deeper: Lots of coverage (including pieces by Axios) focused on the small percentage of tracts receiving bids and the bidding totals that were vastly lower than many prior sales.

Yes, but: Beaudreau makes several points about the sale...

  • The industry has just recently begun emerging from a low-price cycle that sapped capital investment.
  • The industry has been "laser-focused" on cutting costs and is now more disciplined and less free-spending.
  • It must be viewed in light of heightened competition from lower-cost areas with shorter development timelines, notably onshore shale.
  • For all these reasons, industry has moved away from bidding speculatively, instead focusing on prospective areas near existing infrastructure.
  • When those circumstances exist, companies still open their wallets in the Gulf — 9 blocs received bids higher than $2 million, and the highest single bid was over $7 million.

Go deeper

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.

The week the Trump show ended

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Donald Trump was eclipsed in media attention last week by President Biden for the first time since Trump took office, according to viewership data on the internet, on social media and on cable news.

Why it matters: After Trump crowded out nearly every other news figure and topic for five years, momentum of the new administration took hold last week and the former president retreated, partly by choice and partly by being forced off the big platforms.

Pay TV's bleak post-pandemic outlook

Data: eMarketer; Chart: Axios Visuals

The pandemic has taken a huge toll on the Pay-TV industry, and with the near-term future of live sports in question, there are no signs of it getting better in 2021.

Why it matters: The fraught Pay-TV landscape is forcing some smaller, niche cable channels out of business altogether.