Today the Department of the Interior released its review of the federal oil and gas leasing program as required by Executive Order 14008.  In response, Taxpayers for Common Sense released the following statement from TCS president Steve Ellis:

Today’s review is more evidence that the federal oil and gas leasing program has been broken for decades. Century-old federal royalty rates have not kept pace with states, and rental rates and minimum bids have not been adjusted for inflation since President Reagan. Altogether, the program shortchanges taxpayers out of billions of dollars in much needed revenue. Every day that these outdated policies stay on the books taxpayers lose. Our latest analysis shows clearly that these reforms are a win-win for taxpayers and consumers. Congress and the Administration should do everything possible at every opportunity to reform the system.

Selected TCS Oil and Gas Reports:

TCS Comments to the Department of the Interior on the Federal Oil and Gas Program Review

• Overview of the fiscal terms, management practices, and data systems needing reform.

Oil & Gas Reform Won’t Raise Prices at the Pump

• Simple explanation of why raising the royalty rate for onshore leases could never impact consumer gasoline prices.

Abandoned Wells and Oil and Gas Bonding FAQ

• Discussion and explanation of the interconnected issues of outdated standards for financial guarantees from lessors and taxpayer-funded reclamation work.

Noncompetitive Oil and Gas Leasing on Federal Lands

• Thorough walk-through of the antiquated system allowing speculators and others to lock up land without paying an auction bid that rarely leads to production.

Royally Losing

• Our 2020 report calculating max possible lost revenue from 12.5% royalty vs. 18.75% royalty over the last decade at $12.4 billion. Cited in DOI report.

VISIT THE TCS OIL AND GAS REFORM PAGE FOR THESE RESOURCES AND MORE:
www.taxpayer.net/reformleasing