The federal government lost up to $12.4 billion in revenue from oil and gas drilling on federal lands from 2010 through 2019, because it continues to apply a grossly outdated royalty rate set in 1920. Bringing the onshore federal royalty into the modern era, in line with rates for state and offshore production, will stem the losses and generate billions more dollars for federal and state coffers in the coming decades.
Federal lands throughout the Western United States contain vast deposits of valuable oil and gas resources. The U.S. government holds millions of acres of these lands in trust for federal taxpayers, the true landowners.
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