WASHINGTON, Oct. 27 -- The U.S. Department of the Interior's Bureau of Land Management issued the following press release:
BILLINGS, Mont. - The Bureau of Land Management leased 20 parcels totaling 3,388 acres in Montana and North Dakota for $21,339,550 in total receipts during a quarterly oil and gas lease sale. Combined lease bonus bids and rentals are distributed between the federal government and state where parcels are located.
This lease sale was conducted under the Working Families Tax Cut Act, which resets the royalty rate for new federal onshore oil and gas production to a minimum of 12.5%, reversing the 16.67% rate set by the Inflation Reduction Act. By lowering the federal onshore royalty rate from 16.67% to 12.5%, the Working ...