Millions of acres of public land sales slated for US tax Bill
As much as around 1.2 million hectares of land owned by the Bureau of Land Management and the US Forest Service would be mandated for sale in the legislation. The measure, requiring each agency to sell a small percentage of the hundreds of millions of acres of land they manage in eligible states that include Alaska as well as western states, could raise as much as US$10 billion over 10 years, according to a fact sheet.
The plan is part of a broader effort to generate as much as US$29 billion through a combination of expanded oil, gas, coal and geothermal lease sales, and new timber sales made public in the legislation unveiled by the Senate Energy and Natural Resources Committee. Similar energy requirements, included new energy lease sales in the coastal plain of Alaska's Arctic National Wildlife Refuge, were included in the House version of the bill, which passed by a one-vote margin last month.
The sale of public lands to help pay for the legislation has been a political lightning rod. A plan to sell about 500,000 acres of federal land in Utah and Nevada was stripped by the House version of the Bill amid opposition from Republicans such as Montana Representative Ryan Zinke.
The concept of public land sales has also enraged environmental and conservation groups, who say the proposal threatens wildlife as well as access to lands for outdoor recreation, hunters and fisherman.
'It's a travesty that Senate Republicans are putting more than 3 million acres of our beloved public lands on the chopping block to sell at fire-sale prices to build mega mansions for the ultra-rich,' said Patrick Donnelly, a director at the Center for Biological Diversity.
A NEWSLETTER FOR YOU
Tuesday, 12 pm Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Sign Up
Sign Up
Republicans have said the sales are needed to provide cheap land to help address a housing crisis, and to help western states, where the government owns large swaths of federal land, to restore the areas to economic production and associated tax revenue.
'This proposal allows a fraction of 1 per cent of federal land to be used to build houses,' the Senate energy committee said in the fact sheet. 'In doing so, it will create thousands of jobs, allow millions of Americans to realise the American dream, and reduce the deficit and fund our public lands.'
The Senate bill aligns with a Trump administration plan to identify areas of 'underutilised' land suitable for development.
Interior Secretary Doug Burgum told the Senate Energy and Natural Resources Committee Wednesday the agency had identified some 250,000 acres near cities where development could lower the cost of housing.
But New Mexico Senator Martin Heinrich, the panel's top Democrat, said the idea was deeply unpopular in the West with 'animosity that runs the entire political spectrum.'
'These are places that belong to all of us,' Heinrich said in an interview Thursday. 'Once this stuff gets sold off to developers, we'll never get it back. It will be behind a no trespassing sign.' BLOOMBERG
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Straits Times
23 minutes ago
- Straits Times
As Aukus cools, can Quad be far behind?
US President Donald Trump's 'America First' strategy has forced US allies to hedge their bets and mend fences with China. On the face of it, the Quad is inching towards being a regional security arrangement. Asked about the revival of the Quad in March 2018, Chinese Foreign Minister Wang Yi's dismissive comment was that while there was no shortage of headline-grabbing news, all this would dissipate 'like foam on the Pacific and Indian oceans'. The remarks were seen as sour Chinese grapes at the time, and subsequent events, for a period, made Mr Wang look like he had made an error of judgment. But could Mr Wang have been right after all?
Business Times
23 minutes ago
- Business Times
Is gold still shining?
SHIFTING macroeconomic conditions and easing geopolitical tensions are reshaping market sentiment and clouding gold's near-term outlook. After hitting record highs earlier this year, gold prices have begun to retreat, prompting a fresh question for investors: Has the metal's rally run its course, or is this merely a pause before the next surge? Below are eight key questions I address about the current state of the gold market. Was the recent high in gold a short-term peak? Gold has been one of the top performing assets in 2025, rising 28 per cent year-to-date (as at Jul 24, 2025) amid strong demand from investors and central banks. Prices peaked in late April, driven by tariffs, high uncertainty, and market volatility. Another high occurred in early May, which was influenced in part by a weaker US dollar, and a mid-June rise was largely fuelled by geopolitical risks. But since the April peak, gold has been trading mostly sideways within a wide and volatile range of US$3,200 to US$3,400 per ounce, losing a bit of momentum as of late. The metal appears to be supported in the medium term, given trade policy and economic uncertainty, the impact of tariffs on the US and world economies, and continuing central bank purchases. However, with the absence of a major geopolitical event that would typically drive investor demand higher, as well as slowing jewellery and coin purchases, we believe the strong upward momentum appears to have run its course. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up What drove gold's decline from its April 2025 peak of about US$3,500? In April, US-China tensions escalated sharply and as a result, tariffs were significantly increased on both sides of the Pacific. We saw increased volatility in the markets, a condition in which gold typically thrives. Investor demand increased substantially as a result. But since then, conditions have begun to improve. The May 12 joint statement regarding a tariff truce between the United States and China signalled progress, and tariffs have moderated. Meanwhile, cross-border hostilities between Iran and Israel seem to have eased with those countries' mutually agreed upon truce, at least in the short term. At the same time, we believe there are signs of softening jewellery and coin demand, largely due to high prices and volatility. In India, which is a key market for gold, consumer purchases seemed to be a bit slow during key festive events. While the total value of purchases remains high, this seems driven more by elevated prices than by quantity. Is this a temporary correction or a trend reversal? Despite heightened regional instability due to the Iran-Israel conflict, gold prices have failed to surpass their April highs. We believe central bank gold purchases gold buying was lower in the first quarter of 2025, both sequentially and on a year-over-year basis, suggesting that even though dollar diversification as a trend is likely to continue, high gold prices might disincentivise part of the demand from central banks. Investor positioning in exchange-traded funds (ETFs) have increased sharply this year, but the trend is not mirrored in futures. While there are enough catalysts to support gold prices at current levels, a sustaining rally from here might prove more challenging. Is gold headed to US$4,000 – or falling back to US$2,800? We see a wide range in gold price forecasts, from bullish US$4,000 targets to bearish calls near US$2,400 for 2026, which reflects underlying market uncertainty. To better understand momentum, we believe demand should be viewed across three segments: central banks, institutional investors, and physical demand for coin and jewellery. Since 2022, central banks have structurally increased gold holdings to help diversify away from the US dollar; many emerging market (EM) central banks still have room to expand allocations to gold. In contrast, elevated prices have begun to curb physical demand in gold. Investor demand has been very strong so far this year amid economic and geopolitical risks due to gold's perception as a safe haven. In our view, a strong upward momentum in gold from current levels would require investors to further increase their allocations – something we believe may be challenging. And, as always in periods of high commodity prices, supply and recycling are incentivised, which could limit the rally's upside potential. What would need to happen for gold to surpass its recent peak? A combination of weaker growth because of tariffs and an uptick in inflation could put the US Federal Reserve in wait-and-see mode, making the US dollar less attractive. This could be in favour of gold prices, as we believe gold remains a reliable hedge against uncertainty, recession, and stagflation risks. In addition, meaningful escalation in geopolitical conflicts or trade wars could be positive catalysts for a gold rally. We believe central bank gold purchases are also likely to continue, driven by dollar diversification due to persistent deficits and policy uncertainty in the United States. What would need to happen for gold to pull back even further? We're seeing signs that investors are trimming their gold exposure. Futures positioning has come down, and ETF holdings have started to taper off. If sentiment continues to improve and tariffs end up being less damaging to growth, we believe investors may rotate back into risk assets, which could weigh on gold prices. We've also seen signs of weaker physical demand in key markets, such as India, as retail investors and consumers delay or reduce purchases on the back of high prices and volatility. Given market volatility, how reliable are gold price forecasts? So far in 2025, gold price forecasts have been revised four to five times in most major forecasting institutions, which is far more frequently than the usual quarterly or semiannual updates. This underscores how volatile and unpredictable the current environment is, making it especially difficult to rely solely on forecasts for investment decisions. Instead, we focus on fundamentals such as quarterly central bank purchases, gold reserves in central bank balance sheets, futures and ETF positioning, and gold's correlation with the US dollar. We also closely track economic and trade news to gauge sentiment and momentum. What should EM debt investors consider now? About 80 per cent of mined gold comes from EM countries, providing plenty of investment opportunities for investors in EMs. Our approach to investing in gold companies in EMs involves thorough research analysis on the company's operations and financials as well as the gold market as a whole. We also stress test gold miners' resilience across different price scenarios, focusing on companies that invest in reserve growth and expansion while managing downside risks. We believe the current environment presents good hedging opportunities for disciplined producers. The writer is senior corporate credit and sustainability analyst on William Blair's emerging markets debt team

Straits Times
an hour ago
- Straits Times
Trump says he wants to maintain nuclear limits with Russia
FILE PHOTO: U.S. President Donald Trump and Russia's President Vladimir Putin are seen during the G20 leaders summit in Buenos Aires, Argentina November 30, 2018. REUTERS/Marcos Brindicci/File Photo WASHINGTON - U.S. President Donald Trump said on Friday that he would like to maintain the limits on U.S. and Russian strategic nuclear weapons deployments set in the 2010 New START agreement, which expires in February. "That's not an agreement you want expiring. We're starting to work on that," Trump told reporters as he exited the White House on a trip to Scotland. It was the first time since taking office that Trump has said he wants to maintain the treaty's limits on strategic nuclear weapons deployments when it expires on February 5. "When you take off nuclear restrictions, that's a big problem," Trump said. The New Strategic Arms Reduction Treaty, or New START, is the last remaining nuclear arms reduction accord between the world's largest nuclear powers. It restricts Russia and the U.S. to deploying no more than 1,550 strategic warheads on 700 intercontinental ballistic missiles, submarines and bombers. Former U.S. President Joe Biden and Russian President Vladimir Putin extended the treaty for five years in 2021 but, as written, the pact cannot be extended further. Trump opposed an extension in his first term, calling instead for a new treaty that included China, which spurned the proposal. Trump has been an advocate for reining in nuclear weapons. He said in February that he would like to have conversations with Putin and Chinese President Xi Jinping about limiting their nuclear arsenals. Top stories Swipe. Select. Stay informed. Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA Singapore S'pore could have nuclear energy 'within a few years', if it decides on it: UN nuclear watchdog chief Asia 'Nothing like this has happened before': At least 16 dead as Thai-Cambodian conflict enters second day Life 'Do you kill children?': Even before independence, S'pore has always loved its over-the-top campaigns Singapore Lung damage, poor brain development, addiction: What vaping does to the body Singapore Tipsy Collective sues former directors, HR head; alleges $14m lost from misconduct, poor decisions Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly U.S.-Russia relations are at their lowest point in more than 60 years, in part fueled by Putin's threats to use nuclear weapons in his war against Ukraine and his development of exotic new weapons systems. With New START's expiration, the U.S. and Russia could begin deploying more strategic warheads and each could find it harder to gauge the other's intentions, arms control advocates warn. REUTERS