DOI Withdraws Trump-Era Fossil Fuel Valuation Rule

On September 28, 2021, the Department of Interior formally withdrew the 2020 Valuation Reform and Civil Penalty Rule. The 2020 rule had altered how the Office of Natural Resources Revenue values oil, gas, and coal produced on federal leases, and had been issued to promote domestic fossil fuel development and consumption. According to a DOI announcement, the withdrawal of the 2020 Valuation Rule will result in an estimated $64 million annual increase in royalty collections.