The Biden administration is raising rates for royalties companies must pay for oil and natural gas extracted from federal lands as it moves forward under court order with sales of public fossil fuel reserves in nine states.
The Biden administration is sharply raising rates for the royalties companies pay on oil and natural gas extracted from federal lands, as it moves forward under court order with sales of public fossil fuel reserves in nine states, Interior Department officials said Friday.
The royalty rate for new leases will increase to 18.75% from the current 12.5%. That’s a 50% jump, the first increase to royalties for the government in decades. The burning of fossil fuels extracted from public lands accounts for about 20% of energy-related U.S. emissions, making them a prime target for climate activists who want to shut down leasing.Voters like how President Biden handled the Ukraine war but not inflation, and his standing is middling in California. Kamala Harris fares less well.
The onshore lease sales will be the first by the U.S. Bureau of Land Management since Biden suspended them just a week after taking office in January 2021, as part of his plan to address climate change.
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