Biden rule hikes fees for oil projects on public lands

Biden rule hikes fees for oil projects on public lands

Energy Daily

Published

New York (AFP) April 12, 2024

Oil companies drilling on public lands must post larger bonds and pay higher royalties under a rule finalized Friday by the Biden administration. The bonding requirements for development increased to $150,000 from $10,000, a level set in 1960 that no longer covers potential cleanup costs, the Bureau of Land Management (BLM) said in a press release. In another shift, the Department of the

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