The U.S. government will sharply boost royalty rates for companies as federal officials weigh efforts to fight climate change against pressure to bring down high gasoline prices.
An oil well is seen east of Casper, Wyo., on Feb. 26, 2021. The Biden administration is raising royalty rates that companies must pay for oil and natural gas extracted from federal lands.
The government held an offshore lease auction in the Gulf of Mexico in November, although a court laterFriday's announcement comes amid pressure for Biden to expand U.S. crude production as the pandemic and war in Ukraine roil the global economy and fuel prices have spiked. The Democrat faces calls from within his own party to do more to curb emissions from fossil fuels that are driving climate change.
Hundreds of parcels of public land that companies nominated for leasing had been previously dropped from the upcoming lease sale because of concerns about wildlife being harmed by drilling rigs. "For too long, the federal oil and gas leasing programs have prioritized the wants of extractive industries," said Secretary Deb Haaland."Today, we begin to reset how and what we consider to be the highest and best use of Americans' resources."
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