Thursday, April 21, 2022
Last week, the Biden administration announced plans to resume selling leases for new oil and gas drilling on public lands and raise the federal royalties companies pay to drill there, according to The New York Times.
The proposal marks the first increase in those federal royalties in over a century.
The Interior Department plans to auction off leases to drill on 145,000 acres of public lands in nine states, which will be the first new fossil fuels leases offered on public lands since President Biden took office.
The decision comes as Biden works to increase domestic oil supply as prices surge as a result of the Russian invasion of Ukraine.
Learn more: The New York Times > Biden plans to open more public land to drilling
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