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    Biden increases oil royalty rate and scales back lease sales on federal lands

    The U.S. government will sharply boost royalty rates for companies as federal officials weigh efforts to fight climate change against pressure to bring down high gasoline prices.
    by The Associated Press Apr 16, 2022 3 minutes

    BILLINGS, Mont. — The Interior Department on Friday said it's moving forward with the first onshore sales of public oil and natural gas drilling leases under President Joe Biden, but will sharply increase royalty rates for companies as federal officials weigh efforts to fight climate change against pressure to bring down high gasoline prices.

    The royalty rate for new leases will increase to 18.75% from 12.5%. That's a 50% jump and marks the first increase to royalties for the federal government since they were

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