To amend the Mineral Leasing Act to make certain adjustments to the royalty rates for leases for oil and gas extraction on Federal land, and for other purposes.
About This Bill
Committee
Latest Action · July 11, 2024
Referred to the House Committee on Natural Resources.
The Declaration of Energy Independence Act would reduce the financial terms that oil and gas companies must pay when leasing federal lands for extraction. Specifically, it would lower the royalty rate companies owe the government from 16.67 percent to 12.5 percent of production value, cut the minimum bid price from $10 per acre to $2 per acre, and reduce annual rental payments from $3-$15 per acre to $1.50-$2 per acre. The bill would also eliminate application fees for expressing interest in leases and streamline the process for obtaining noncompetitive leases on unsold tracts. These changes would apply to onshore oil and gas leasing on all federal lands, affecting both new leases and the reinstatement of expired leases. The bill does not specify a funding amount or implementation timeline beyond requiring lease issuance within 60 days of receiving a qualified application.
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