Biden admin­is­tra­tion rais­es cost for oil and gas drilling on pub­lic lands for first time in decades

The Inte­ri­or Depart­ment raised the cost for oil and gas com­pa­nies to drill on pub­lic lands, rais­ing leas­ing fees and roy­al­ty rates for the first time in decades, a move jus­ti­fied as gen­er­at­ing more mon­ey for tax­pay­ers and ensur­ing ade­quate cleanup costs.
Inte­ri­or offi­cials said the final rule is the first update to the oil and gas leas­ing pro­gram in decades, and the first update to the so-called “bond­ing require­ment” since 1960.
Pres­i­dent Joe Biden cam­paigned in 2020 on the promise of end­ing all new drilling on pub­lic lands, a pledge he has since backed away from as he has sought to bal­ance his goals on cli­mate with issues of ener­gy secu­ri­ty. Still, Interior’s new rule will spark push­back from oil and gas pro­duc­ers, who have argued Biden has whip­sawed between urg­ing them to drill more fol­low­ing Russia’s 2022 inva­sion, and then blam­ing them just months lat­er for the record-high ga …