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A plan to curb natural gas venting and flaring at wells on public land is now being scrutinized in an interagency review process, teeing the proposal up for possible release later this year.
Land owners who leased their property to drillers during the oil and gas boom with the promise of steady income are feeling the pinch, the Dallas Morning News reported
Preserving the 50-year-old Land and Water Conservation Fund that pays for parks and public spaces requires a “bold fight” by the Obama administration, the Center for American Progress argues. The program, which is mostly funded by offshore oil and gas revenue, is set to expire in September.
Senators from Texas, Alaska and other coastal states have launched a fresh campaign to siphon off more of the revenue that flows to the federal government from offshore drilling.
The Bureau of Land Management’s announcement that it would be proposing changes — and inviting public comment on the scope of them — marks the first major effort in decades to update onshore royalty rates that are among the lowest in the world.
The figures come at a time when the energy sector is dramatically slowing its activity in Texas amid falling oil prices, prompting some concern about whether public entities that have grown accustomed to oil money could feel the pinch as production slows.
In his $4 trillion budget request to Congress, Obama also says he wants to change the way money from offshore oil and gas production is shared with Gulf Coast states, by diverting more of those dollars to national programs with “broad” natural resource and conservation benefits.
Here’s an overview of what’s coming and when in Obama administration rules for the oil and gas industry.
The oil industry’s practice of burning or releasing natural gas from wells where crude is the big moneymaker is unpopular in several western states, according to a poll released
Noble Energy, Gastar Exploration and Statoil submitted bids with 20 percent royalty rates. State officials plan to pick winners in the next week or two.