"Biden Administration Implements Major Changes to Oil and Gas Drilling Costs on Federal Lands"

The Biden administration has finalized a rule that will increase the costs for oil and gas companies to drill on public lands by raising royalty rates and updating leasing regulations, despite soaring energy prices and inflation. The move is part of President Biden's climate agenda to shift the U.S. away from fossil fuels and towards renewable energy, aiming to provide a fair return to taxpayers and protect important wildlife habitat and cultural sites. However, the U.S. oil and gas industry has thrived under the Biden administration, with record profits, while inflation continues to rise, keeping prices high for Americans.