Interior department raises royalty rates by 50% as administration juggles high oil prices and climate impact
As federal officials weigh efforts to fight the climate crisis against pressure to bring down high gasoline prices, the interior department is moving forward with the first onshore sales of public oil and natural gas drilling leases underThe move also calls for a sharp increase in royalty rates for companies, ostensibly to limit global emissions driving the climate crisis, though economists say the effect will be relatively small.The royalty rate for new leases will increase to 18.75% from 12.
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