"A suite of regulatory changes from the Bureau of Land Management will increase royalties on oil and stiffen cleanup requirements for the first time in decades."
"Oil companies will have to lay down significantly more money to drill on public lands following a sweeping final rule published by the Biden administration Friday that also increases federal royalty rates and aims to shrink the future footprint of the nation’s oil program.
The rule caps a multiyear effort by the Interior Department to “modernize” how the U.S. manages vast resources of oil and natural gas under public lands in states like Wyoming and New Mexico, with changes that have thrilled many environmental advocates, disappointed climate activists and angered drillers.
“These are the most significant reforms to the federal oil and gas leasing program in decades, and they will cut wasteful speculation, increase returns for the public, and protect taxpayers from being saddled with the costs of environmental cleanups,” Interior Secretary Deb Haaland said in a statement Friday."
Heather Richards reports for E&E News April 12, 2024.
SEE ALSO:
"Biden Administration Raises Costs to Drill and Mine on Public Lands" (New York Times)
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