The Senate Minerals Committee approved a bill Monday that would increase the amount of money oil and gas operators have to put up before accessing split estate properties.
A split estate is when a private landowner owns the surface land and not the mineral rights. The bill raises the minimum bonding amount from $2,000 to $10,000. The bond covers any damages to the property from development, when a surface use agreement can’t be negotiated.
For forty years the U-S has banned the export of most all crude oil. Matt Laslo reports a new debate is raging in Washington over whether to end the ban.
MATT LASLO: The U-S banned crude oil exports after the Arab oil embargo of 1973. It’s been in place since, which has negatively impacted global oil prices. Wyoming Republican Senator John Barrasso says he’s ready to lift the ban.