The U.S. Interior Department said it will cut bond requirements for oil and gas firms drilling on federal lands by 95%, lowering required bonds for onshore federal leases from $500,000 under the Biden administration to $25,000 to encourage more energy exploration. The bonds are intended to ensure plugging and cleanup costs are not borne by taxpayers. The policy will enter a 60-day public comment period after publication in the Federal Register. Interior also said it will remove certain provision

The U.S. Interior Department said it will cut bond requirements for oil and gas firms drilling on federal lands by 95%, lowering required bonds for onshore federal leases from $500,000 under the Biden administration to $25,000 to encourage more energy exploration. The bonds are intended to ensure plugging and cleanup costs are not borne by taxpayers. The policy will enter a 60-day public comment period after publication in the Federal Register. Interior also said it will remove certain provisions from waste‑minimization rules that apply to drilling permit applications and will clarify related definitions.