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The Department of the Interior of the United States announced a 95% reduction in the bonds that oil and gas companies must pay when drilling on federal land to encourage more energy exploration. The Interior Department announced on Monday that the bonds required for onshore federal drilling leases will be reduced from the $500,000 set during the Biden administration to $25,000. These bonds are meant to ensure that the costs of plugging and cleaning up abandoned oil wells by drilling companies will not be borne by taxpayers. This policy will enter a 60-day public comment period after being published in the Federal Register. In addition, the Interior Department will also cancel certain provisions in the waste minimization rules applicable to drilling permit applications and clarify relevant definitions.