Interior Floats Oil And Gas Lease Fee Overhaul, Relying On IRA Provisions

The Interior Department (DOI) is proposing to raise costs for companies to drill for oil and gas on public lands while also strengthening requirements for cleaning up wells no longer in use, relying on provisions from last year’s climate law while also addressing Government Accountability Office (GAO) concerns. The July 20 proposal -- the first overhaul of onshore oil and gas leasing regulations in decades -- would increase royalty rates, bonding requirements, and minimum bids for onshore leases in updates...