Open Modal
dominic-carter-show-main-show-graphic-square

On Air Now

Dominic Carter
M-F 3-4PM, M-F 12-1AM, Sun 11PM-12PM,
logo-1071-talkradio-png-2
dominic-carter-show-main-show-graphic-square

On Air Now

Dominic Carter
M-F 3-4PM, M-F 12-1AM, Sun 11PM-12PM,

The Biden Administration to reverse course on oil and gas drilling

syndication-times-record-news

Randy Ramirez and Steven Wells, right, change out a packer on an Archer County injection well for Bridwell Oil Company. Well

BILLINGS, Mont. (AP) — The Interior Department is moving forward with the first onshore sales of public oil and gas drilling leases under President Joe Biden, but will sharply increase royalty rates for companies that extract oil. Friday’s announcement comes as federal officials weigh efforts to fight climate change against pressure to bring down high gas 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 since the 1920s. Republicans want Biden to expand U.S. crude production. But he faces calls from within his own party to do more to curb fossil fuel emissions that are heating the planet.

—Copyright 2022 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 

WABC Top Stories

Loading...
sports_video_header3