Albuquerque, NM (KKOB) — The Bureau of Land Management announced revised rules for oil and gas leasing on federal land, including New Mexico. The rules and framework governing those leases haven’t been updated in decades. The revisions bring new financing regulations and the first royalty rate increase in more than 100 years. Department of the Interior Secretary Deb Haaland said, these are the most significant reforms to the federal oil and gas leasing program in decades, and they will cut wasteful speculation, increase returns for the public, and protect taxpayers from being saddled with the costs of environmental cleanups.
