Biden administration proposes reforms to federal oil, gas drilling program
The administration of U.S. President Joe Biden on Friday proposed a slew of reforms to boost public benefit from the nation’s federal oil NSE -2.41 % and gas leasing program following a months-long review.
The recommendations in the long-awaited report included hiking royalty rates and fees that drillers must pay on oil and gas produced in federal lands and waters, and limiting areas that can be developed to protect wildlife, recreation, and cultural zones.
President Joe Biden’s administration had launched the review earlier this year in what had been widely seen as a first step in delivering on a campaign promise to end new fossil fuel drilling on federal lands to fight climate change.
