What is the official ID of this bill?
The official print number for this legislation is HR 1505.
Increased Bonding and Fees for Drilling: Protecting Taxpayers and the Environment
This Act significantly increases the financial assurances (bonds) required from oil and gas companies operating on federal lands to prevent taxpayers from bearing the costs of environmental cleanup and reclamation. It mandates detailed interim and final reclamation plans and introduces higher inspection fees to ensure faster and more complete restoration of natural resources after operations cease. Furthermore, it establishes a per-barrel fee to fund the plugging and reclamation of orphaned wells.
Key points
Increased minimum bond amounts for oil and gas operators to cover the full cost of lease tract reclamation and well plugging.
Mandatory submission and approval of Interim and Final Reclamation Plans before drilling permits are granted, focusing on ecosystem restoration.
Establishment of new, higher annual inspection fees for operators to cover the full costs of government inspection and enforcement.
Introduction of an 'orphaned well fee' of at least $0.10 per barrel of oil equivalent produced from Federal lands, dedicated to plugging and reclaiming abandoned wells.
Status:
Expired
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