The Interior Department is beginning to implement new strictures on federal oil and gas leasing, a long-held priority of President Joe Biden's, as it moves forward with lease sales in compliance with the new Democratic climate law.
's, as it moves forward with lease sales in compliance with the new Democratic climate law.
All lease sales now require a minimum bid of $10 per acre, up from the $2 per acre minimum in place since 1987. The minimum royalty rate, the amount paid on what's produced on the lease, is raised to 16.67% from 12.5%. Some noncompetitive leases have sold for as little as $1.50 per acre, and a 2020 report from the Government Accountability Office concluded that, between 2013 and 2019, average revenues from competitive leases were nearly three times greater than revenues from noncompetitive leases.
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