Wyoming holds first post-IRA oil and gas lease sale … and the results are meh

The Bureau of Land Management held a federal oil and gas lease sale in Wyoming on June 29. It marks the second onshore lease sale for the state since President Joe Biden took office and the first to take place in the state since the Inflation Reduction Act instituted higher oil and gas royalty rates and leasing costs for development.  Pete Obermueller, president of the Petroleum Association of Wyoming, joined the podcast to discuss the lease sale results. He spoke with S&P Global Commodity Insights senior editor Starr Spencer about the emerging unconventional Powder River Basin which featured prominently in the auction, the impact of the IRA, and how the Biden administration's actions are affecting industry behavior and interest. Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers. Then, tell us more about your podcast preferences so we can keep improving our shows. Take our survey here: https://www.surveylegend.com/s/4xyz