Biden administration raises costs to drill on public lands
- The Interior Department's rule increases royalty rates for oil drilling to 16.67%, aligning with the 2022 climate law passed by Congress.
- Previously, oil and gas companies paid a fixed rate of 12.5% for federal drilling rights for a century.
- This change brings federal rates closer to those charged by states and private landowners for drilling leases.
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Leaning Left12Leaning Right5Center16Last Updated21 days agoBias Distribution48% Center