Oil and gas companies would pay more to drill on public lands under new Biden rule

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A rule proposed by the U.S. Interior Department raises royalty rates for oil drilling by more than one-third in accordance with the sweeping climate law approved by Congress last year

Energy companies would have to pay more to drill on public lands and satisfy stronger requirements to clean up old or abandoned wells under a new rule announced Thursday by the Biden administration.

The new rule “provides a fair return to taxpayers, adequately accounts for environmental harms and discourages speculation by oil and gas companies,” said Laura Daniel-Davis, principal deputy assistant Interior secretary for land and minerals management. The previous level was far too low to force companies to act and did not cover potential costs to reclaim a well, officials said. As a result, taxpayers frequently end up covering cleanup costs for abandoned or depleted wells if an operator refuses to do so or declares bankruptcy. Hundreds of thousands of “orphaned” oil and gas wells and abandoned coal and hardrock mines pose serious safety hazards, while causing ongoing environmental damage.

Environmental groups hailed the rule change as overdue and said the Biden administration recognized that business as usual by the oil and gas industry is incompatible with increased risks from climate change – a crisis the oil industry played a large role in creating.

 

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