Trump admin's first oil and gas-lease sales nets nearly $40 million for U.S. coffers
The development proves the worth of President Donald Trump's vision to unleash American energy dominance, a top official said.
"This quarter's lease sales demonstrate Interior's unwavering commitment to fostering American Energy Dominance, and we are grateful to those who produce energy on federal lands," Interior Secretary Doug Burgum said in a statement.
"By building on the commonsense, pro-growth policies of the Trump administration, we're ensuring public lands are being used to their fullest potential to support national security, economic strength and livelihood of the American people."
Az Senate Leader Urges Burgum To End Biden-obama Land Grabs Of Uranium Sites
The Bureau of Land Management (BLM), which falls under Burgum's auspices, leased 34 land parcels for fossil fuel development since January.
Read On The Fox News App
Those 25,038 acres brought in $39,007,609 in total receipts.
The revenues will be divided between the feds and each particular state where the leases were sold.
Rfk Jr Backs Wv Push For Snap Waivers, Work Mandates Under 'Maha'
States receiving the windfalls include Montana, North Dakota, New Mexico, Wyoming and Nevada.
The Interior Department said in a statement that the sales were in concert with Trump's Executive Order 14154: "Unleashing American Energy."
The department assured that the various parcels will be developed in alignment with the National Environmental Policy Act of 1969 – an environmental quality and impact law spearheaded by former Sen. Scoop Jackson, D-Wash.
The leases have a one-decade lifespan and "as long thereafter as there is production of oil and gas in paying quantities."
The feds will are also entitled to a 16.67% royalty.Original article source: Trump admin's first oil and gas-lease sales nets nearly $40 million for U.S. coffers
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NBC News
18 minutes ago
- NBC News
Wall Street stocks end down, inflation data, China trade in focus
Wall Street's main indexes ended lower on Monday as investors anxiously await inflation data this week to assess the outlook for interest rates and eye U.S.-China trade developments. Investors expect the recent shakeup at the U.S. Federal Reserve and signs of labor market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fueling much of the optimism. July's consumer inflation report is due on Tuesday, and investors anticipate that the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. 'The inflation data is starting to embody the more direct tariff impacts on the consumer, raising concern that inflation will remain sticky,' said Eric Teal, chief investment officer at Comerica Wealth Management. 'Lower inflationary readings and slower growth numbers are needed to support the case for lower rates.' The Dow Jones Industrial Average closed 200.52 points, or 0.45%, lower to 43,975.09, the S&P 500 lost 16.00 points, or 0.25%, to 6,373.45 and the Nasdaq Composite lost 64.62 points, or 0.3%, to 21,385.40. Shares of Nvidia and Advanced Micro Devices were volatile through the day, ending 0.35% and 0.28% lower respectively. A U.S. official told Reuters the semiconductor majors had agreed to give the United States government 15% of revenue from sales of their advanced chips to China. Analysts said the levy could hit the chipmakers' margins and set a precedent for Washington to tax critical U.S. exports, potentially extending beyond semiconductors. Separately, U.S. President Donald Trump signed an executive order extending a pause in sharply higher U.S. tariffs on Chinese imports for another 90 days, a White House official said. Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed this year, which expires on Tuesday. Trump lauded China's cooperation in talks at a White House press conference on Monday. Traders took a step back after the S&P 500 .SPX and the Nasdaq last week logged their strongest weekly performances in more than a month. Citigroup and UBS Global Research became the latest brokerages to raise their year-end targets for the benchmark S&P 500. Micron Technology raised its forecast for fourth-quarter revenue and adjusted profit, boosting its shares 4%. Intel rallied 3.5% after a report said CEO Lip-Bu Tan arrived at the White House on Monday. Trump had called for his removal last week. TKO surged 10% after Paramount bought the rights from the live entertainment company to exclusively distribute UFC events for the next seven years in a deal valued at around $7.7 billion. Declining issues outnumbered advancers by a 1.18-to-1 ratio on the NYSE. There were 251 new highs and 98 new lows on the NYSE. On the Nasdaq, declining issues outnumbered advancers by a 1.24-to-1 ratio. The S&P 500 posted 15 new 52-week highs and 17 new lows while the Nasdaq Composite recorded 73 new highs and 121 new lows.
American Press
19 minutes ago
- American Press
UPDATE: D.C. mayor holds press conference after Trump announces police takeover
Washington, D.C. Mayor Muriel Bowser is holding a press conference following President Donald Trump's announcement Monday that he's taking over Washington's police department and activating 800 members of the National Guard in the hopes of reducing crime, even as city officials stressed crime is already falling in the nation's capital. Trump has promised new steps to tackle homelessness and crime in Washington, prompting the city's mayor to voice concerns about the potential use of the National Guard to patrol the streets. Here's the latest: Bowser works to avoid fight with Trump, but can't disguise some anger D.C. Mayor Bowser fielded multiple questions Monday designed to get her to say something harsh about President Donald Trump. But the 3rd term mayor didn't take the bait, for the most part — calmly laying out the city's case that crime has been dropping steadily and Trump's perceived state of emergency simply doesn't match the numbers. She repeatedly acknowledged that Trump has 'broad authority' under the law and would be difficult to challenge. The composure slipped a bit toward the end, when she dropped a reference to Trump's 'so-called emergency.' Trump could extend takeover of DC police for 30 days, then he needs congressional approval President Donald Trump is invoking Section 740 of the DC Home Rule Act to take over control of the city's police department, saying in a letter to a congressional committee that the police force is needed for federal purposes. The Republican president says in the letter sent to the House Oversight Committee Monday that he is taking the action for the purpose of 'maintaining law and order in the nation's seat of government; protecting federal buildings, national monuments, and other federal property; and ensuring conditions necessary for the orderly functioning of the federal government.' By invoking the law, Trump is able to take over the police for more than 48 hours, but if he wants to continue for more than 30 days, both the House and Senate would need to give him a vote of approval.
USA Today
19 minutes ago
- USA Today
Millions will lose Medicaid under Trump's tax law. Here's the final tally.
About 10 million Americans are expected to lose health insurance under President Donald Trump's tax cut and spending law, the nonpartisan Congressional Budget Office said. Over the next decade, 7.5 million people will lose Medicaid coverage due to changes under the law, the CBO said in an analysis released Monday, Aug. 11. Nondisabled adults on Medicaid will be required to get a job, volunteer or enroll in school to maintain their Medicaid coverage. And states must double Medicaid eligibility checks to twice a year. Another 2.1 million people will shed Affordable Care Act coverage over the next decade, the CBO said. And 400,000 more will lose coverage due to impacts of the law — nicknamed the One Big Beautiful Bill — which was backed by Congressional Republicans. The CBO earlier said the legislation, which Trump signed on July 4, would add $3.4 trillion to the federal deficit. The law extends the 2017 tax cuts, ends taxes on tips and overtime, and bolsters border security, among other things. The CBO also estimated low-income Americans will lose about $1,200 per year due to Medicaid changes and reductions in food assistance. Middle-income households are expected to gain $800 to $1,200. Meanwhile, the law's tax cuts will benefit wealthier Americans by about $13,600 per year, even though these households with pay about $190,000 in federal taxes annually, the CBO said. Millions more could lose their health insurance When the bill passed the Senate, the CBO estimated it would leave about 11.8 million Americans without health insurance through 2034. The law signed by Trump won't cut as deep because it excluded a provision that would've penalized states extending Medicaid to undocumented residents. Still, another 5 million could lose coverage if Congress doesn't extend the expiring COVID-19 pandemic-era tax credits that have made Affordable Care Act plans more affordable for consumers, according to earlier CBO estimates. Consumers who use those pandemic-era tax credits will see the amount they need to pay spike an average of more than 75%, according to KFF, a health policy nonprofit. The combination of the tax law, expiring tax credits and overall rising medical costs will make insurance premiums more expensive for everyone. Insurers plan a median premium increase of 18% for 2026 plans, which would be the largest ACA insurance price hike since 2018, according to a Peterson-KFF Health System Tracker report released Aug. 6.
