Bill > HR9017

This bill, the Declaration of Energy Independence Act, proposes several amendments to the Mineral Leasing Act. The key provisions include: 1. Reducing the onshore oil and gas royalty rate from 16 2/3% to 12.5%, and reducing the royalty rate for reinstated leases from 20% to 16 2/3%. 2. Lowering the minimum bid for oil and gas leases from $10 per acre to $2 per acre for the first 2 years after enactment. 3. Reducing the annual rental rates for oil and gas leases, from a range of $3 to $15 per acre per year to $1.50 per acre per year for the first 5 years and $2 per acre per year thereafter. 4. Eliminating the fee for expressions of interest in oil and gas leases. 5. Allowing non-competitive leasing for certain low-producing oil and gas interests that were previously subject to a competitive lease. The goal of these changes is to promote domestic energy production and reduce the regulatory burden on oil and gas operators on federal lands.