Biden rule hikes fees for oil projects on public lands
==========
The Biden administration has finalized a rule that increases bonding requirements and royalty rates for oil companies drilling on public lands. The bonding requirements for development have increased from $10,000 to $150,000, and the royalty rates for leases have been raised to 16.67% from the previous level of 12.5%. Interior Secretary Deb Haaland described these changes as the most significant reform to the leasing program 'in decades'. The rule aims to protect wildlife habitat, cultural resources, and recreational values, while ensuring a fair return for American taxpayers. The petroleum industry has criticized the rule, expressing concerns about burdensome land management regulations and the potential risk to the energy supply. Environmental groups have welcomed the changes but called for a complete shutdown of drilling on federal lands to address climate change.
#OilProjects #PublicLands #BidenAdministration #BondingRequirements #RoyaltyRates #LeasingProgram #Environment #PetroleumIndustry #EnergySupply #ClimateChange
https://www.tuko.co.ke/business-economy/544726-biden-rule-hikes-fees-oil-projects-public-lands/
Tuko.co.ke /
npub15yg…zncw
2024-04-12 21:31:39
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npub15ygdhawp2prr6xlzleujfs0hy9g3yvzgzv6pj49afh5sf5q8tfcqdjzncwPublished at
2024-04-12 21:31:39Event JSON
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"content": "Biden rule hikes fees for oil projects on public lands\n==========\n\nThe Biden administration has finalized a rule that increases bonding requirements and royalty rates for oil companies drilling on public lands. The bonding requirements for development have increased from $10,000 to $150,000, and the royalty rates for leases have been raised to 16.67% from the previous level of 12.5%. Interior Secretary Deb Haaland described these changes as the most significant reform to the leasing program 'in decades'. The rule aims to protect wildlife habitat, cultural resources, and recreational values, while ensuring a fair return for American taxpayers. The petroleum industry has criticized the rule, expressing concerns about burdensome land management regulations and the potential risk to the energy supply. Environmental groups have welcomed the changes but called for a complete shutdown of drilling on federal lands to address climate change.\n\n#OilProjects #PublicLands #BidenAdministration #BondingRequirements #RoyaltyRates #LeasingProgram #Environment #PetroleumIndustry #EnergySupply #ClimateChange\n\nhttps://www.tuko.co.ke/business-economy/544726-biden-rule-hikes-fees-oil-projects-public-lands/",
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