Chukchi oil leases hit a record high.

PositionOIL INDUSTRY

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Feb. 5, the Minerals Management Service (MMS) moved forward with the bid sale of 2.8 million acres in the Chukchi Sea above the villages of Barrow, Wainwright, Point Lay and Point Hope. A record $2.6 billion was paid for the leases to bring the average cost of an acre to $9,580.

But the leases carne with a caveat from MMS Director Randall B. Luthi: "There has been much discussion about the status of the polar bear, and if it should be listed under the Endangered Species Act. When the decision is made by the Fish and Wildlife Service, if it's determined that the bear should be listed, then additional consultation will be required as we evaluate exploration and development projects."

Luthi also pointed out that the closest acreage to the coast was approximately 54...

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