WASHINGTON, DC – The Department of Interior’s nonpartisan Office of the Inspector General released a new report showing oil and gas companies leasing on public lands pay royalties at a much lower rate than the stated egregiously low rate of 12.5 %. In response, Accountable.US released the following statement.
Our federal oil and gas leasing system is broken. The current leasing system is wildly unbalanced and favors the oil and gas industry at the expense of the American taxpayer. The system allows bad actors, speculators, and polluters to have lopsided access to public land’s to exploit natural resources all the while milking American taxpayers. This out-of-date system should be reformed immediately."
In 2021, President Biden signed the Inflation Reduction Act, raising the minimum royalty rate for new oil and gas leases to 16.67%.