Declaration of Energy Independence Act

This bill lowers the costs for companies to lease federal land for oil and gas drilling. It reduces the royalty rate companies pay from 16 2/3% to 12 1/2%, cuts the minimum bid amount from $10 per acre to $2 per acre, and decreases yearly rental fees from up to $15 per acre to $1.50 per acre for the first five years. The bill also removes the fee for expressing interest in a lease and allows some leases to be awarded without competitive bidding.

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