The new rule will increase the to pull oil, gas and coal from public lands by S$2.4 billion between now and 2031. Read more at straitstimes.com.
WASHINGTON – The Biden administration on Thursday proposed a rule that would raise the royalties that fossil fuel companies pay to pull oil, gas and coal from public lands in the United States for the first time since 1920, while increasing more than tenfold the cost of the bonds companies must pay before they start drilling.
Interior Department officials characterise the changes as part of a broader shift at the federal agency as it seeks to address climate change by expanding renewable energy on public land and in federal waters while making it more expensive for private companies to drill on public lands. “The Biden administration is recognizing that over a century of business as usual by the oil and gas industry is incompatible with a world being ravaged by climate change, a crisis induced primarily by the industry itself,” said Mr Josh Axelrod at the Natural Resources Defense Council, an advocacy group. But he added, “we can’t continue to lease our public lands for fossil fuels while facing climate and biodiversity emergencies.
The new rule would also require the agency to prioritise approvals of new permits in areas where drilling is already taking place, as opposed to more pristine lands. The Interior Department estimates that there are 3.5 million abandoned oil and gas wells in the United States. When oil and gas wells are abandoned without being properly sealed or capped, which can happen in cases when companies go bankrupt, the wells can leak methane, a powerful planet-warming pollutant that is a major contributor to global warming.
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