Oil and gas companies must pay more to drill on federal lands under new Biden administration rule
Release time：2024-05-21 16:55:34 Source：World Web news portal
WASHINGTON (AP) — 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 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 2022 climate law approved by Congress. The previous rate of 12.5% paid by oil and gas companies for federal drilling rights had remained unchanged for a century. The federal rate was significantly lower than what many states and private landowners charge for drilling leases on state or private lands.
The new rule does not go so far as to prohibit new oil and gas leasing on federal lands, as many environmental groups have urged and President Joe Biden promised during the 2020 campaign. But officials said the proposal will lead to a more responsible leasing process that provides a better return to U.S. taxpayers and focuses oil and gas drilling in areas most likely to be developed, especially those with existing infrastructure and a high potential for oil and gas reserves.
- Previous：Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
- Next：With Djokovic awaiting the winner, Murray trails Hanfmann at rain
Related articles
- Bella Hadid goes braless in a thigh
- JPMorgan Chase CEO warns about inflation, political polarization, wars
- Another month of robust US job growth points to continued economic strength
- Here's a look at moon landing hits and misses
- Lynn Williams breaks NWSL goal
- AP PHOTOS: Total solar eclipses through the decades
- If you're retired or about to retire, think carefully about your tax strategy
- New York Philharmonic to tour China this summer
- Children are evacuated from school 'during an exam' after threat made via email
- Cannes sets lineup with Lanthimos, Coppola and Trump film 'The Apprentice'
- Verona confirms Serie A status for another year after beating Salernitana
- Astronomers spot previously unknown moons around Neptune, Uranus
- Bakery outlets close across New England and New York
- The O.J. Simpson case forced domestic violence into the spotlight, boosting a movement
- A warrant for Netanyahu’s arrest was requested. But no decision was made about whether to issue it
- Goldman, Brown families could be first in line for OJ Simpson's assets
- SpaceX's loses mega rocket near end of test flight
- Goldman, Brown families could be first in line for OJ Simpson's assets
- Student fatally shot, suspect detained at Georgia's Kennesaw State University
- How do animals react during a total solar eclipse? Scientists plan to find out in April
Random recommendation