The federal government is selling new leases to drill for oil in the Gulf of Mexico off the Louisiana coast.

FOX's Eben Brown reports:

The Federal Bureau of Ocean Energy Management will be holding two auctions in New Orleans that will grant leases to drill the bottom of the Gulf of Mexico, in federal waters off Louisiana, to look for new sources of petroleum.

A total of 45 million acres will be leased out to paying developers. Environmental activists are protesting the sale, citing fears of another oil spill akin to the 2010 deep water horizon disaster.

President Obama did issue a moratorium on Gulf oil drilling for a while. Now the President has put a stop to oil exploration in the Atlantic Ocean.

Eben Brown, FOX News.