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Interior makes it costlier to drill on public lands
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The Interior Department finalized a new federal rule Friday that’s expected to raise the price for drilling on public lands.
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© AP Photo/David Zalubowsk
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Several of the provisions in the rule were set out in law by the Democrats’ Inflation Reduction Act. Such provisions:
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Increase the government’s share of the profit of the oil that’s sold after being drilled on federal lands – raising the minimum royalty rate from 12.5 percent to 16.67 percent
- Raise the rents charged to oil companies for drilling on that land
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Increase the minimum bid companies can place to get leases on public lands.
The rule takes the additional step of increasing the amount companies must pay upfront as a bond to ensure that they clean up their oil and gas wells once the drilling process ends.
The administration described the changes as the first “comprehensive update” to the rules around drilling on federal lands since 1988.
The rule comes one day after the administration moved to cut costs for producing renewable energy on public land.
Read more in a full report at TheHill.com.
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How policy will affect the energy and environment sectors now and in the future:
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The Biden administration on Friday finalized lightbulb efficiency rules first proposed in late 2022.
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People who frequently consume seafood may face a heightened risk of exposure to toxic “forever chemicals,” a study has found.
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The Standing Rock Sioux Tribe has become the third tribal nation to ban South Dakota Gov. Kristi Noem (R) from its reservation land.
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Branch out with a different read on The Hill:
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Upcoming news themes and events we’re watching:
Next week
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The House is slated to vote on six bills aiming to block energy efficiency rules for household appliances
Monday
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The House is slated to take up bills aimed at researching abandoned oil wells and carbon sequestration, as well as oversight for clean energy demonstration projects receiving federal funds
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Tuesday
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Energy Secretary Jennifer Granholm is slated to appear before the
Senate Energy and Natural Resources Committee for a hearing on the department’s budget
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Forest Service Chief Randy Moore will testify before the House Appropriations Committee in a hearing on the agency’s budget
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The House Natural Resources Committee will mark up a series of bills including the America’s Wildlife Habitat Conservation Act
Wednesday
- Biden officials with the Bureau of Reclamation and Army Corps of Engineers will testify before the House Appropriations Committee during a budget hearing
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The House Natural Resources Committee will hold a legislative hearing on a forest management bill
Thursday
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The House Natural Resources Committee will hold a hearing titled Assessing Solutions to Secure America’s Offshore Energy Future.
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News we’ve flagged from other outlets touching on energy issues, the environment and other topics:
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Two key stories on The Hill right now:
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You’re all caught up. See you Monday!
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Tags
Joe Biden
Kristi Noem
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