Knik Arm Services owner Mark Graber said it no longer felt worth it to hold onto the lease amid the legal battles.
"Regenerate Alaska"
Drilling boosters, opponents consider next steps after first Arctic refuge lease sale
The state won 10-year oil leases for nine pieces of land by submitting the minimum offer: $25 an acre. But drilling for oil in the refuge is expensive, and it faces an aggressive opposition campaign.
Arctic Refuge lease sale goes bust, with no bids from major oil companies
One of the Trump administration’s biggest energy initiatives suffered a stunning setback Wednesday, as a decades-long push to drill for oil in Alaska’s Arctic National Wildlife Refuge ended with a lease sale that attracted just three bidders — one of which was the state of Alaska itself.