Oil and Gas Bids Break Auction Records - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Oil and Gas Bids Break Auction Records

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It was a record breaking day for oil and gas bids submitted for auction in North Dakota.

Forty federal leases in the state rang in at more than $17 and a half million. The bids cover more than 2,000 acres in the state. The Bureau of Land Management oversees the bidding and permitting process.

In December, the BLM streamlining act, which was written by Senator Hoeven and proposed in the House by Representative Cramer, was signed into law. The new law improves the efficiency of processing federal oil and natural gas.

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