As federal officials weigh efforts to fight the climate crisis against pressure to bring down high gasoline prices, the interior department is moving forward with the first onshore sales of public oil and natural gas drilling leases under Joe Biden.
The move also calls for a sharp increase in royalty rates for companies, ostensibly to limit global emissions driving the climate crisis, though economists say the effect will be relatively small.
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
Read more at the Guardian.com