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US HB526

Bill

Official Source

Status

Introduced

1/16/2025

Primary Sponsor

Andrew Ogles

Click for details

Origin

House of Representatives

119th Congress

AI Summary

  • Reduces royalty rates for onshore oil and gas leases on federal land from 16⅔% to 12½% of production value
  • Lowers minimum bids for competitive leases from $10 to $2 per acre and reduces annual rental rates from $3-$15 per acre to $1.50-$2 per acre
  • Eliminates the expression of interest fee required for nominating federal lands for oil and gas leasing
  • Restores noncompetitive leasing for federal lands that receive no bids or bids below the minimum at competitive sales, allowing the first qualified applicant to obtain a lease with a $75 application fee
  • Reduces lease reinstatement rental rates from $20 to $10 per acre and allows existing low-producing wells on acquired federal lands to convert to noncompetitive leases

Legislative Description

Declaration of Energy Independence Act

Energy

Last Action

Referred to the House Committee on Natural Resources.

1/16/2025

Committee Referrals

Natural Resources1/16/2025

Full Bill Text

No bill text available