HR 526 ยท Declaration of Energy Independence Act
Referred to the House Committee on Natural Resources.
- Introduced
- Jan 16, 2025
- Latest action
- Jan 16, 2025
- Sponsor
- Rep. Andrew Ogles [R-TN-5]
- Policy area
- Energy
- Cosponsors
- 8
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.
Recent actions
- Jan 16, 2025 Referred to the House Committee on Natural Resources.
- Jan 16, 2025 Introduced in House
- Jan 16, 2025 Introduced in House
Votes
No recorded votes are available for this bill.