Published 17 days ago

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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The Guardian

Oil and gas firms must pay more to drill on public lands under new Biden rule

Rule adds stronger requirements for cleaning up wells but does not ban leasing on public lands, as called for by environmentalistsOil and gas companies will have to pay more to drill on public lands and satisfy stronger requirements to clean up old or abandoned wells, according to a final rule issued Friday by the Biden administration.The interior department’s rule raises royalty rates for oil drilling by more than one-third, to 16.67%, in accor…

17 days ago·London, United Kingdom

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Reuters

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17 days ago·United Kingdom

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Associated Press News

Oil and gas companies must pay more to drill on federal lands under new Biden administration rule

Oil and gas companies will have to pay more to drill on federal lands and satisfy stronger requirements to clean up old or abandoned wells under a final rule from

17 days ago·United States

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abc News

Oil and gas companies must pay more to drill on federal lands under new Biden administration rule

Oil and gas companies will have to pay more to drill on federal lands and satisfy stronger requirements to clean up old or abandoned wells under a final rule from the Biden administration

17 days ago·United States

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The Washington Post

U.S. hikes cost of oil drilling on federal lands for first time in decades

The Interior Department finalized a rule requiring oil companies to pay more for drilling on public lands, a move aimed at saving taxpayers money.

17 days ago

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KIFI

Oil and gas companies must pay more to drill on public lands under new Biden administration rule

By MATTHEW DALY Associated Press WASHINGTON (AP) — Oil and gas companies will have to pay more to drill on public lands and satisfy stronger requirements to clean up old or abandoned wells, according to a final rule issued Friday by the Biden administration. The Interior Department’s rule raises royalty rates for oil drilling by more than one-third, to 16.67%, in accordance with the sweeping 2002 climate law approved by Congress. The previous ra…

17 days ago·Idaho Falls, United States

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