Oil & Gas Lease Reform
Finding solutions to the climate crisis, the broken federal oil and gas leasing program, and additional investments in our communities in a compound way begins with accountability. The oil and gas industry’s outdated royalty rates and bonding standards give it a free pass on paying its fair share for the use of public lands and being held accountable for cleaning up after itself. Increased royalty rates, bonding standards, and implementation fees for idled wells may seem counterintuitive as residents of the United States are often burdened with the unstable and artificially manipulated prices at the pump, but we also know that the conversation is more nuanced than that. Oil and gas executives control key aspects of the market, allowing them to take advantage of consumers and raise prices to increase profits or withhold supply for the same result. Compound reforms to ensure efficient and responsible use of federal public lands by the industry and fair rates for its use of those lands are possible.