drilling

The Biden administration will open roughly 144,000 acres for leases for oil and gas drilling on public lands and waters, with royalty rates increased for the first time since the 1920s, DOI said Friday. Oil and gas drillers will now need to pay 18.75% royalties, a 50% increase from the 12.5% rate established when the federal government first imposed them about a century ago. Biden paused oil and gas drilling during his first week in office but a court order, and concern over high gasoline prices, are compelling the administration to offer leases. The most recent UN IPCC report concluded that even existing fossil fuel infrastructure puts the Paris Agreement goal of limiting warming to 1.5°C (2.7°F) out of reach, and building additional carbon-intensive infrastructure only further seals o...

The Trump administration has announced that it is opening up the Arctic National Wildlife Refuge to oil and gas development – the latest twist in a decades-long battle over the fate of this remote area. Its timing is truly terrible. Low oil prices, a pandemic-driven recession and looming elections add up to highly unfavorable conditions for launching expensive drilling operations. In the longer term, the climate crisis and an ongoing shift to a lower-carbon economy raise big questions about future oil demand. I’ve researched the U.S. energy industry for more than 20 years. As I see it, conservative Republicans have backed oil and gas production in ANWR since the 1980s for two overriding reasons. First, to increase domestic oil production and reduce dependence on “foreign oil,” a euphemis...

Tag: drilling

For New Oil And Gas Drilling Leases Royalty Rates Have Increased

Trump greenlights drilling in the Arctic National Wildlife Refuge, but will oil companies show up?