One week after the Biden administration slapped new regulations on key power grid components , the Washington Post reports that US oil and gas companies will face a 15-fold increase in costs to drill on federal land, under a new rule released on Friday. Workers operate a drilling rig while plugging an abandoned oil well north of Shelby, Mont. (Adrián Sanchez-Gonzalez for The Washington Post) (Adrian Sanchez-Gonzalez/For The Washington Post) Under it, the Interior Department’s Bureau of Land Management will require drillers to pay $150,000 per lease on federal lands, up from $10,000 – the first comprehensive update to the federal oil and gas leasing program in over three decades.
Fossil fuel companies will also be required to pay higher royalties to the government on oil and gas extracted from federal lands – jumping from 12.5% of revenue to 16.67%.
That’s not all…
The rule comes as the Biden administration […]
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