Biden Administration Implements Higher Costs for Oil and Gas Drilling on Federal Lands

The Biden administration has proposed a rule to increase the royalties paid by fossil fuel companies for drilling on public lands, marking the first change since 1920. The rule would also raise the cost of bonds that companies must pay before drilling, with the aim of shifting the burden of cleaning up abandoned wells from taxpayers to the companies. The changes are part of the administration's broader efforts to address climate change and promote renewable energy on public lands. Oil and gas companies oppose the rule, while environmental groups applaud it but call for further restrictions on drilling.