Declaration of Energy Independence Act

Bill 119 hr 526, also known as the Mineral Leasing Act Amendment, aims to make adjustments to the royalty rates for leases for oil and gas extraction on Federal land. The bill seeks to ensure that the rates are fair and reflective of the current market conditions.

The main purpose of the bill is to update the royalty rates to better align with the value of the resources being extracted. This will help to ensure that the American taxpayers receive a fair return on the extraction of oil and gas on Federal land.

The bill also includes provisions for ensuring that the leasing process is transparent and fair, and that the royalties collected are used for the benefit of the American people. Additionally, the bill includes measures to promote responsible extraction practices and protect the environment. Overall, the Mineral Leasing Act Amendment is aimed at modernizing and improving the royalty rates for oil and gas extraction on Federal land, while also ensuring that the process is fair and transparent.