Modernizing Oil and Gas Leasing called for in Senate Reconciliation Bill

Washington, D.C.—Today, various press outlets are publicizing reconciliation text from the Senate Energy and Natural Resources Committee that includes several key fiscal reforms to the onshore oil and gas leasing program. The reforms highlighted in this bill have not been updated in decades. Key fiscal reforms include ending non-competitive leasing, increasing bonding rates on wells, and updating the royalty and rental rates for oil and gas leasing on public lands. These reforms will ensure taxpayers receive a fair return from the oil and gas industry who lease public lands for energy extraction.

The following is a statement from Russell Kuhlman, Executive Director, Nevada Wildlife Federation:

“We want to thank the Senate Energy and Natural Resources Committee for introducing common sense fiscal reforms to the Build Back Better Act that will fix major problems in our outdated oil and gas leasing system. Here in Nevada, a state without significant oil reserves, our public lands should not be up for wild speculation by oil and gas CEOs. They should receive stronger protections and when they are developed, should provide fair returns to our taxpayers. But, over the past decade, this broken leasing system has cost the state of Nevada tens of millions of dollars. It’s time for the Senate to move forward and pass this historic bill, which will help curb wasteful and fiscally-irresponsible speculative leasing – an issue that our own Senators Cortez Masto and Rosen have been sounding the alarm on for years. That would be a huge step forward to benefit public lands, Nevada residents and our economy, and all Americans.”

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The Nevada Wildlife Federation is a 501(c)3 and is the oldest statewide conservation organization dedicated to sustaining Nevada’s natural resources for wildlife through conservation, preservation, and education.