Texas leases more land, but gets lower prices amid oil slump
AUSTIN, Texas (AP) — The demand to lease Texas' publicly held land for energy exploration has increased since last summer, despite low oil prices — but it generated lower average prices.
Land Commissioner George P. Bush announced Tuesday that his office had auctioned leases for about 14,000 acres.
That yielded around $84 million, or an average of less than $5,900 per acre, for the Permanent School Fund, which helps cover some public education costs.
During the last offering in July, Bush's office auctioned leases for 13,000-plus acres but generated $98 million, a per-acre average of nearly $7,400.
In 2015, Bush began letting private oil companies submit online their bids to explore for oil and gas on Texas state land.
In a statement Tuesday, Bush said: "We've taken an antiquated paper-based auction and transformed it."
