EXCLUSIVE: GOP Reps Unveil Bill Rolling Back Biden Admin Attack On Oil And Gas

Two GOP lawmakers introduced a new bill Thursday designed to walk back a Biden administration policy that disadvantaged oil and gas production on public lands.

Republican Reps. Andy Ogles of Tennessee and August Pfluger of Texas unveiled the “Declaration of Energy Independence Act” on Thursday. The bill would undo increases to royalty rates for onshore oil and gas leases that were mandated by the Inflation Reduction Act (IRA), President Joe Biden’s signature climate bill, which increased the costs of oil and gas development on federal lands.

Specifically, the new legislation would revert the royalty rates required by the Mineral Leasing Act — the law that governs oil and gas leasing on federally-controlled lands — to pre-IRA levels, according to its text. The IRA boosted oil and gas leasing royalties for specific onshore leases from 12.5% to 16.67%, making it more expensive for developers to operate on federal lands.

Declaration of Energy Independence Act by Nick Pope on Scribd

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“This important legislation ensures that our national energy policies support American energy independence rather than hinder it,” Pfluger said of the bill. “President Biden’s Inflation Reduction Act imposed drastic increases in royalty rates and fees that threaten our nation’s energy security and burden American consumers with higher costs. By reverting the onshore royalty rates to their previous levels, we are taking a crucial step to promoting energy production.”

The bill is endorsed by the American Petroleum Institute (API), a major oil and gas trade group, and Heritage Action, the sister organization of the Heritage Foundation, a major conservative think tank.