August 16, 2022

Rocky Daily News

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Biden administration increases oil and gas royalty rate, scales back lease sales

1 min read

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By Matthew Brown, The Associated Press

BILLINGS, Mont. — The Interior Department on Friday said it’s moving forward with the first onshore sales of public oil and natural gas drilling leases under President Joe Biden, but will sharply increase royalty rates for companies as federal officials weigh efforts to fight climate change against pressure to bring down high gasoline prices.

The royalty rate for new leases will increase to 18.75% from 12.5%. That’s a 50% jump and marks the first increase to royalties for the federal government since they were imposed in the 1920s.

Biden suspended new leasing just a week after taking office in January 2021. A federal judge in Louisiana ordered the sales to resume, saying Interior officials had offered no “rational explanation” for…

The Associated Press

2022-04-17 12:58:54

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