Declaration of Energy Independence Act

Summary

Declaration of Energy Independence Act This bill reduces certain royalty rates, minimum bids, rental rates, and fees for onshore oil and gas leases on federal lands and modifies related leasing procedures. Specifically, the bill (1) decreases the royalty rate from 16 2/3% to 12 1/2% for developing oil and gas on federal lands, (2) lowers the minimum bid amount from $10.00 to $2.00 per acre for oil and gas leases on federal lands, and (3) decreases the rental rates from a maximum of $15.00 per acre to $1.50 per acre for the first five years and $2.00 per acre thereafter. The bill also eliminates the fee for expressing interest in a lease.  It also modifies leasing procedures to provide for noncompetitive leasing under certain circumstances. In addition, the bill modifies the conditions for the reinstatement of leases that have been cancelled or terminated, including by reducing the applicable royalty and rental rates.

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2 official files

• Introduced in House

  Introduced in House · EN · 16 January 2025

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 16 January 2025

  Open at official source

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