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Lower Energy Costs Act
12/15/2023, 4:06 PM
Congressional Summary of S 947
Lower Energy Costs Act
This bill provides for the exploration, development, importation, and exportation of energy resources (e.g., oil, gas, and minerals). For example, it sets forth provisions to (1) expedite energy projects, (2) eliminate or reduce certain fees related to the development of federal energy resources, and (3) eliminate certain funds that provide incentives to decrease emissions of greenhouse gases.
The bill expedites the development, importation, and exportation of energy resources, including by
- waiving environmental review requirements and other specified requirements under certain environmental laws,
- eliminating certain restrictions on the import and export of oil and natural gas,
- prohibiting the President from declaring a moratorium on the use of hydraulic fracturing (a type of process used to extract underground energy resources),
- directing the Department of the Interior to conduct sales for the leasing of oil and gas resources on federal lands and waters as specified by the bill, and
- limiting the authority of the President and executive agencies to restrict or delay the development of energy on federal land.
In addition, the bill reduces royalties for oil and gas development on federal land and eliminates charges on methane emissions.
It also eliminates a variety of funds, such as funds for energy efficiency improvements in buildings as well as the greenhouse gas reduction fund.
