The bill would change rules for oil and gas leases on certain federal lands. It would lower the standard royalty rate from 16⅔% to 12.5%, lower some minimum bids and rental rates, and remove the fee for submitting an expression of interest. It would also change how some lands are offered for noncompetitive leasing and set deadlines and lease terms for certain leases.
The bill changes federal oil and gas leasing rules. It does not describe any specific action that individuals must take or any direct effect on households.
The bill does not state its overall costs. It would lower specified royalty rates, minimum bids, and rental rates. Some noncompetitive lease applications would still require a fee of at least $75.
No publicly available information.
No publicly available information.