The Interior Department rule significantly increases how much energy companies must pay to lease and drill on federal lands, and it gives federal land managers greater authority to keep fossil fuel development away from sensitive wildlife habitats and cultural sites.
“For too long, this outdated system has failed to secure fair returns for American taxpayers, costing us billions of dollars in lost revenue and imposing substantial reclamation liabilities,” she said in aThe agency rule also seeks to hold companies accountable for cleanup costs in the event of bankruptcy by increasing minimum lease bonds to $150,000 — a 15-fold increase over the current $10,000 minimum, which has been in place since 1960.
“For too long, Big Oil has scooped up tens of thousands of acres of public lands for drilling and left taxpayers to foot the bill to clean up their messes,” said Athan Manuel, the director of the Sierra Club’s Lands Protection Program. “This new rule addresses long-overdue problems and finally reins in the excesses of oil and gas corporations.
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