WASHINGTON, Sept. 22 -- The U.S. Department of the Interior's Bureau of Land Management issued the following press release:
SALT LAKE CITY - The Bureau of Land Management leased 35 parcels totaling 34,596 acres in Utah for $4,492,000 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 Families Tax Cut Act...