Royalty rates have also dropped to 12.5%, a historic rate established in 1920 that the IRA increased to 16.7%.

"They're making it much cheaper for oil and gas companies to lease and drill on these lands," said Kate Groetzinger, communications manager at the Center for Western Priorities. "And there's really no promise that any of those savings will be passed on to taxpayers."

Taxpayers for Common Sense, a nonprofit watchdog group, said in an article that the rollback of oil and gas reforms may cost taxpayers billions in lost revenue.