"Biden Administration Raises Royalties for Drilling on Public Lands"

The Biden administration has increased the royalties that fossil fuel companies must pay for drilling on public lands, marking the first rate hike in a century. This move aims to end the historically low fees enjoyed by the industry and align federal rates with those charged by states and private landowners. The new rules, part of a broader push for environmental protection and renewable energy expansion, are expected to raise costs for fossil fuel companies by about $1.5 billion through 2032.