The Trump administration cuts oil drilling margins by 95%

Golden Ten Data reported on June 23 that the U.S. Department of the Interior has announced a 95% reduction in the bonds that oil and gas companies are required to pay when drilling on federal lands, in order to encourage more energy exploration. On Monday, the Department of the Interior announced that the bonds required for onshore federal drilling leases will be reduced from $500,000, as set during the Biden administration, to $25,000. These bonds are intended to ensure that the costs of plugging and cleaning up abandoned oil wells by drilling companies do not fall on taxpayers. Once published in the Federal Register, the policy will enter a 60-day public comment period. In addition, the Department of the Interior will also eliminate certain provisions from waste reduction rules applicable to drilling permit applications and clarify relevant definitions.