{"id":2219475,"date":"2024-04-12T14:37:02","date_gmt":"2024-04-12T18:37:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-finalizes-regulations-hiking-cost-of-oil-drilling\/"},"modified":"2024-04-12T14:40:40","modified_gmt":"2024-04-12T18:40:40","slug":"biden-admin-finalizes-regulations-hiking-cost-of-oil-drilling","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-finalizes-regulations-hiking-cost-of-oil-drilling\/","title":{"rendered":"Biden Administration Implements Rules Increasing Oil Drilling Expenses"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-admin-finalizes-regulations-hiking-cost-of-oil-drilling%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2219475&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Joe Biden&#8217;s administration recently approved regulations \u2063to increase the expenses\u200c of oil and gas drilling on\u2062 public\u2064 lands after facing backlash from various environmental and taxpayer organizations. These regulations also incorporate \u200dkey elements from Biden&#8217;s influential climate change\u2063 law, the\u2062 2022 Inflation Reduction Act (IRA). Oil and gas \u200ccompanies\u200d will be required to adhere to\u200b higher bonding rates under the\u2063 new policy.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>President Joe Biden&#8217;s administration on Friday finalized a range of<span data-qa-component=\"highlight-text\"> regulations <\/span>designed to boost the cost of oil and gas drilling on public lands.<\/p>\n<p>The new rules follow years of criticism from green and taxpayer groups of federal oil and gas development. Many of the changes formalize provisions in Biden&#8217;s landmark climate change law, the 2022 Inflation Reduction Act (IRA).<\/p>\n<p>Under the new policy, oil and gas companies will pay higher bonding rates to cover the cost of plugging abandoned oil and gas wells as well as increased lease rents, minimum auction bids, and royalty rates for the fuels they extract. The rules also limit drilling in sensitive wildlife and cultural areas.<\/p>\n<p>&#8220;These are the most significant<span data-qa-component=\"highlight-text\"> reforms <\/span>to the federal oil and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-suspends-oil-leases-in-alaskas-arctic-refuge-as-gas-prices-continue-to-rise\/\" title=\"Biden Suspends Oil Leases In Alaska\u2019s Arctic Refuge As Gas Prices Continue To Rise\">gas leasing program<\/a> in decades, and they will cut wasteful speculation, increase returns for the public, and protect taxpayers from being saddled with the costs of environmental cleanups,&#8221; Interior secretary Deb Haaland said in a statement.<\/p>\n<p>About 10 percent of the nation&#8217;s oil and gas comes from drilling on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-derogatory-geographic-names-task-force-working-to-remove-the-word-squaw-from-federal-lands\/\" title=\"Biden\u2019s Derogatory Geographic Names Task Force Working To Remove The Word \u2018Squaw\u2019 From Federal Lands\">federally owned land<\/a>. An oil and gas industry trade group warned that higher costs to extract fuels from federal lands could boost U.S. reliance on foreign supplies.<\/p>\n<p>&#8220;Overly burdensome land management regulations will put this critical energy supply at risk,&#8221; American Petroleum Institute vice president of upstream policy Holly Hopkins said in a statement.<\/p>\n<p>Biden vowed during his 2020 election campaign to end federal oil and gas leasing as part of his agenda to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-goes-full-green-new-deal-tyrant-carbon-emissions-threaten-the-very-existence-of-our-planet-video\/\" title=\"Biden Goes Full Green New Deal Tyrant: Carbon Emissions Threaten \u201cthe Very Existence of our Planet\u201d (VIDEO)\">combat climate change<\/a>. But the IRA effectively guaranteed continued drilling rights auctions on federal lands for at least another decade as a concession to the powerful fossil fuel lobby.<\/p>\n<p>Drillers are required to pay upfront bonds to cover future cleanups if they fail, and a 2019 government analysis found bonding levels were inadequate.\t<\/p>\n<p>Minimum lease bonds will soar to $150,000 under the new rules from $10,000\u2014a level unchanged since 1960.<\/p>\n<p>Royalty rates will rise to 16.67 percent from 12.5 percent, and the minimum amount companies can bid at oil and gas auctions will increase to $10 an acre from $2. The rental rate for a 10-year lease will double to $3 an acre for the first two years, eventually rising to $15 per acre in the final years. The fees can be adjusted for inflation after 10 years.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday, President Joe Biden&#8217;s administration completed regulations to raise the expenses of oil and gas drilling on public lands, responding to criticism from environmental and taxpayer groups. The new rules align with Biden&#8217;s climate change legislation, addressing concerns over federal oil and gas development<\/p>\n","protected":false},"author":66,"featured_media":2219476,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2022\/09\/2022-09-06T105148Z_3_LYNXMPEI8502K_RTROPTP_4_UKRAINE-CRISIS-GAZPROM-NORDSTREAM-scaled-e1662472957281.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-2219475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2022\/09\/2022-09-06T105148Z_3_LYNXMPEI8502K_RTROPTP_4_UKRAINE-CRISIS-GAZPROM-NORDSTREAM-scaled-e1662472957281.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2219475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2219475"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2219475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2219476"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2219475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2219475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2219475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}