Rep. Katie Porter (D-CA) released the below statement applauding the Biden Administration for finalizing its new oil and gas rule.

“For over a century, Big Oil has paid pennies on the acre to drill on our public lands—and then left taxpayers on the hook to clean up the mess,” said Rep. Porter. “In Congress, I’ve fought to get rid of Big Oil’s sweetheart deal to pollute our public lands. I’m proud my proposals to end this reckless disregard for the environment—and our taxpayer dollars—are now law, and I applaud the Biden Administration for putting these much-needed reforms into action.”

The Interior Department’s final rule implements reforms proposed by Rep. Porter and passed by Congress as part of the Inflation Reduction Act (IRA). Rep. Porter’s Ending Taxpayer Welfare for Oil and Gas Companies Act increased royalty rates, bonds, and the minimum rental rate oil and gas companies must pay to lease public land. The IRA passed these reforms, and more, into law; it increased the century-old rental rate from $2 per acre to $15+ over an eight-year lease period, and raised the royalty percentage—for the first time in decades—from 12.5% to 16.67%. The final oil and gas rule implements these changes, along with Rep. Porter’s proposal to hike the amount Big Oil companies must set aside for clean-up and environmental remediation before drilling from $10,000 to $150,000, saving taxpayers millions. 

Rep. Porter, a member of the House Natural Resources Committee, has dedicated her time in Congress to holding Big Oil accountable. She’s grilled CEOs on special tax breaks to oil and gas companies, condemned the industry’s greedy tactics, and called out Big Oil for price-gouging Americans at the pump while raking in tens of billions in profits.

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