The Biden administration on Friday made it more expensive for fossil fuel companies to pull oil, gas and coal from public lands, raising royalty rates for the first time in 100 years in a bid to end bargain basement fees enjoyed by one of the country’s most profitable industries.
The new rules are among a series of environmental regulations that are being pushed out as President Biden, in the last year of his term in the White House, seeks to cement policies designed to protect public lands, lower fossil fuel emissions and expand renewable energy.
“These are the most significant reforms to the federal oil and gas leasing program in decades, and they will cut wasteful speculation, increase returns for the public, and protect taxpayers from being saddled with the costs of environmental cleanups,” Interior Secretary Deb Haaland said.
“This rule will finally curtail some of these wasteful handouts to the fossil fuel industry,” said Josh Axelrod, senior policy advocate with the Natural Resources Defense Council.
The Biden administration has had to navigate challenging terrain when it comes to extraction of fossil fuels on public lands and in federal waters, which is responsible for almost a quarter of the nation’s greenhouse gas emissions.
Last month, the Republican-majority House passed a bill, sponsored by Representative Lauren Boebert of Colorado, that would force the administration to withdraw the new royalty regulation, although the measure has little chance of passage in the Democratic-majority Senate.
The original article contains 1,132 words, the summary contains 241 words. Saved 79%. I’m a bot and I’m open source!
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The Biden administration on Friday made it more expensive for fossil fuel companies to pull oil, gas and coal from public lands, raising royalty rates for the first time in 100 years in a bid to end bargain basement fees enjoyed by one of the country’s most profitable industries.
The new rules are among a series of environmental regulations that are being pushed out as President Biden, in the last year of his term in the White House, seeks to cement policies designed to protect public lands, lower fossil fuel emissions and expand renewable energy.
“These are the most significant reforms to the federal oil and gas leasing program in decades, and they will cut wasteful speculation, increase returns for the public, and protect taxpayers from being saddled with the costs of environmental cleanups,” Interior Secretary Deb Haaland said.
“This rule will finally curtail some of these wasteful handouts to the fossil fuel industry,” said Josh Axelrod, senior policy advocate with the Natural Resources Defense Council.
The Biden administration has had to navigate challenging terrain when it comes to extraction of fossil fuels on public lands and in federal waters, which is responsible for almost a quarter of the nation’s greenhouse gas emissions.
Last month, the Republican-majority House passed a bill, sponsored by Representative Lauren Boebert of Colorado, that would force the administration to withdraw the new royalty regulation, although the measure has little chance of passage in the Democratic-majority Senate.
The original article contains 1,132 words, the summary contains 241 words. Saved 79%. I’m a bot and I’m open source!