U.S. Makes Plans To Ramp Up Oil Shale Production

Law360, New York (July 22, 2008, 12:00 AM EDT) -- The Bush administration has proposed regulations to establish an oil shale commercial leasing program that could eventually yield up to 800 billion barrels of oil, enough to meet current U.S. demand for 110 years.

The proposed rules, published Tuesday, establish maximum oil shale lease sizes and maximum acreage limitations, along with a range of royalty rate options.

The rules were not finalized, however, because Congress has prohibited the federal government from publishing final regulations on oil shale this year due to environmental concerns.

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