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Interior Secretary Ryan Zinke. Photo: Andrew Harnik / AP

Secretary of the Interior Ryan Zinke has announced a proposal for the largest oil and gas lease sale in U.S. history, totaling 76.9 million acres on the Gulf of Mexico.

  • Why it matters, per Axios' Amy Harder: Offering lease sales of federal waters and lands is one of the easiest and simplest ways the Trump administration can show it's supportive of the oil and gas industry.
  • But, but, but: Persistently low oil prices make new, expensive offshore drilling projects a lot less attractive to the industry than if prices were high. This is more rhetoric than substantive change. Also, the Obama administration actually initially planned this sale a few years ago.

Planned for March 2018, the proposed Lease Sale 250 includes regulations to protect species in the area, biologically sensitive resources, and to avoid any other potential consequences of oil and gas development, per the department's press release. The terms are not yet final.

Sen. Lisa Murkowski, Chairwoman of the Senate Committee on Energy and Natural Resources, said: "In order to strengthen America's energy dominance, we must anticipate and plan for our needs for decades to come...the administration's decision to move forward with the largest offshore lease sale in our nation's history is a key part of that effort."

Go deeper

1 hour ago - Sports

Unvaccinated athletes face 21-day quarantine at Beijing Olympics

Logos for the 2022 Winter Olympics at Yanqing Ice Festival in February 2021 in Beijing. Photo: Lintao Zhang/Getty Images)

Athletes, staff members and journalists at the 2022 Beijing Olympic and Paralympic Winter Games who have not been vaccinated against the coronavirus will be required to quarantine for three weeks, the International Olympic Committee (IOC) outlined in its newly-published "playbooks."

Why it matters: The quarantine period is longer than the Games themselves, meaning vaccinations or an earlier arrival date will be required to participate in or cover the Games.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.