WASHINGTON, Sept. 16 -- The U.S. Department of the Interior's Bureau of Land Management issued the following press release:
FALLS CHURCH, Va. - The Bureau of Land Management leased 40 parcels totaling 2,777 acres in the Wayne National Forest in Ohio for $11,097,693 in total receipts during a quarterly oil and gas lease sale, held yesterday. 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 ...