FOR IMMEDIATE RELEASE
September 9, 2021
DENVER—The House Natural Resources Committee today advanced a portion of the Build Back Better Act, approving a number of long-overdue reforms to ensure the American people get a fair return from oil, gas, and mining companies that operate on public lands.
The bill as approved by the committee today would raise royalty rates on oil extracted from public lands, and extend those royalties to methane emissions, holding companies responsible for wasting one of the most potent greenhouse gases. It would also strengthen bonding requirements, making it harder for companies to abandon oil wells, which saddles taxpayers with the cleanup costs. The bill also ends the practice of noncompetitive leasing, which allows oil companies to lock up public lands for pennies a year.
The Center for Western Priorities released the following statement from Deputy Director Aaron Weiss:
“Today’s markup is a huge step towards making sure oil and gas companies pay their fair share when they extract publicly-owned resources. It ends some of the most egregious giveaways that CEOs have exploited for decades, and makes it harder for bad actors to walk away, leaving polluted messes behind for taxpayers to clean up.
“Overhauling our broken leasing system is a huge challenge, and this bill moves America in the right direction. The Senate Energy and Natural Resources Committee should embrace these common-sense reforms and make sure the reconciliation bill does not get watered down.
“Congress is doing its job; now the Biden administration needs to step up and release its report on oil and gas leasing. Fixing the fiscal problems with the system is a strong first step, but there are many more changes that need to happen at the Interior Department, and the clock is ticking.”
LEARN MORE
- CWP response to President Biden’s climate change remarks [Center for Western Priorities]
- America’s Public Lands Giveaway [Center for Western Priorities & The Wilderness Society]
- Nearly half of Colorado’s 52,000 wells produce little or no oil. Who’ll pay to plug them? [Colorado Sun]
- Backroom Deals: The Hidden World of Noncompetitive Oil and Gas Leasing [Center for American Progress]
- The Revenue-Raising Opportunity To Fund Climate and Conservation [Center for American Progress]