US Finalizes Plan To Kick-Start Oil Shale Production

Law360, New York (November 17, 2008, 12:00 AM EST) -- The Bush administration published final regulations Monday to establish an oil shale commercial leasing program that could yield up to 800 billion barrels of oil, enough to meet current U.S. demand for 110 years.

Under the rules, published in the Federal Register, the royalty rate would begin at 5 percent for the first five years of commercial production. It would then rise 1 percent a year until the rate reached 12.5 percent, or what it is for conventional oil fields.

Forty-nine percent of the royalties would...
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