Current location:business >>
Oil and gas companies must pay more to drill on federal lands under new Biden administration rule
business8475People have gathered around
IntroductionWASHINGTON (AP) — Oil and gas companies will have to pay more to drill on federal lands and satisfy ...
WASHINGTON (AP) — Oil and gas companies will have to pay more to drill on federal lands and satisfy stronger requirements to clean up old or abandoned wells under a final rule issued Friday by the Biden administration.
The Interior Department’s rule raises royalty rates for oil drilling by more than one-third, to 16.67%, in accordance with the sweeping 2022 climate law approved by Congress. The previous rate of 12.5% paid by oil and gas companies for federal drilling rights had remained unchanged for a century. The federal rate was significantly lower than what many states and private landowners charge for drilling leases on state or private lands.
The new rule does not go so far as to prohibit new oil and gas leasing on federal lands, as many environmental groups have urged and President Joe Biden promised during the 2020 campaign. But officials said the proposal will lead to a more responsible leasing process that provides a better return to U.S. taxpayers and focuses oil and gas drilling in areas most likely to be developed, especially those with existing infrastructure and a high potential for oil and gas reserves.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“World Window news portal”。http://eritrea.shellye-mcdaniel.com/html-89b399819.html
Related articles
Target to lower prices on basic goods in response to inflation
businessTarget plans to cut prices on thousands of consumer basics this summer, from diapers to milk, as inf ...
【business】
Read moreChina completes first deep
businessInstallation of the 2nd phase of Shenhai-1, China's self-developed deep-sea gas field is completed i ...
【business】
Read moreChina successfully clones world's first Tibetan goats
business(ECNS) -- Chinese scientists have successfully cloned two Tibetan goats with body cells for the firs ...
【business】
Read more
Popular articles
- Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
- Chinese, Qatari medical experts hold video conference on fighting COVID
- China's highly anticipated C919 passenger aircraft returns after debut at Singapore Airshow
- Messi explains absence in Hong Kong match for third time
- The government wants to buy their flood
- PMs of Italy, Portugal call for ambition to attack the crisis
Latest articles
Student fatally shot, suspect detained at Georgia's Kennesaw State University
Chinese FM attends reception marking 60th anniversary of China
China completes first deep
Astronauts selected for Shenzhou
Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
Xi Inspects Nanning in South China's Guangxi
LINKS
- 2023 Beijing Cultural Forum Arts gala was held to inheriting excellent culture
- 2023 CIFTIS was held with a spectacular Cultural and Tourism Services exhibition hall
- China's STEM programs rank among world's best
- China's homegrown C919 jetliner flies to Singapore for airshow
- Exhibiting a timeless elegance
- With record scale, China's consumer products expo shares opportunities, market with world
- China to export commuter trains to Indonesia for first time
- China to export commuter trains to Indonesia for first time
- 2023 Beijing Cultural Forum Arts gala was held to inheriting excellent culture
- Creative accounting