When former President Joe Biden couldn't use his autopen to change laws or get Congress to enact them, he tasked federal agencies to impose regulatory restrictions, heavily targeting American energy production. After the Inflation Reduction Act was signed into law, the Department of Energy worked to codify regulations against fossil fuel production, particularly in acquiring leases on public lands. Essentially, Biden stifled any advancement for oil and gas industry within the interior, because leasing is the necessary first step toward oil and gas development and, ultimately, production. 

Thanks to the passage of the One Big Beautiful Bill into law (OBBL), America is now able to restore its ability to jump start oil and gas production, ultimately drill, and in rebuilding our resources, return our nation to energy dominance. 

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On Thursday, the Department of the Interior announced that it has issued its first set of leases in New Mexico. 

The department's press release read:

Today, the Department of the Interior announced the Bureau of Land Management New Mexico State Office leased 16 parcels totaling 7,501.76 acres for $58,260,939 in total receipts for its quarterly oil and gas lease sale. This is the third highest value for highest bid/acre for a parcel for BLM. The combined bonus bids and rentals from the leases will be distributed between the federal government and the State of New Mexico.

This lease sale is the first conducted under the One Big Beautiful Bill Act, which reset the royalty rate for new federal onshore oil and gas production to a minimum of 12.5%, reversing the 16.67% rate set by the Biden administration. By lowering the federal onshore royalty rate from 16.67% to 12.5%, President Donald J. Trump’s One Big Beautiful Bill Act reduced the cost of doing business on public lands, making oil and gas development more economically attractive to industry. This is expected to spur additional leasing and drilling activity, which in turn supports increased domestic energy production and strengthens U.S. energy security.

“This successful lease sale is another strong step toward restoring American Energy Dominance,” said Secretary of the Interior Doug Burgum. “By reversing burdensome Biden-era royalty hikes, we are unleashing the full potential of our public lands, lowering energy costs for hardworking Americans and strengthening our national and economic security. Under President Trump’s leadership, we are putting energy back in the hands of the American people and securing a brighter, more prosperous future.”

The American Energy Alliance outlined what changed and why it matters.

Nine U.S. states with material onshore federal acreage must hold over 30 quarterly lease sales every year, and lease sales are also mandated in Alaska’s National Petroleum Reserve. Mandated lease sales in Alaska’s Arctic National Wildlife Refuge, however, did not make it into the final bill. The bill reinstates royalty rates to their pre-IRA rate of 12.5%-16.7% and allows non-competitive bids, which the IRA had ended. The bill also allows producers to fully deduct intangible drilling costs, which encompass roughly 60%-80% of well costs. The IRA only allowed a portion of these costs to be deducted.

The law sunsets the hydrogen tax credit in 2028, later than previous versions of the bill. Chevron, Exxon, and others are investing in projects to produce hydrogen fuel.

Secretary of the Interior Doug Burgum spoke to how the beauty of the One Big Beautiful Law will usher in America's Golden Age.

All these things tied together in the Beautiful Bill was amazing, because it reduced taxes, it reduces regulations, its supports our defense, it secures our border. So, it was beautiful in that all the things we need to have a very prosperous future as the Golden Age, as President Trump said, that's coming, this has set up.

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And as Burgum explained on Saturday's "Fox Business Live," national security is dependent upon energy security.

WATCH:

Editor’s Note: Thanks to President Trump’s leadership and bold policies, America’s economy is back on track.

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