U.S. seeks to boost oil royalties to account for climate change
Written by Black Hot Fire Network on November 28, 2021
By Jennifer A. Dlouhy on 11/28/2021
WASHINGTON (Bloomberg) --The Biden administration on Friday issued a long-awaited blueprint for overhauling oil and gas development on federal lands that includes boosting royalty rates despite high gasoline prices that have spurred demands to accelerate domestic production.
The Interior Department report recommends higher fees and more limits on federal oil and gas leasing to better account for climate change and ensure a higher return to taxpayers. The analysis represents the culmination of a comprehensive review that President Joe Biden ordered in . . .
