President Joe Biden had suspended lease sales a week after taking office as part of his climate change plan.
to expand U.S. crude production and rein in higher gasoline prices contributing to record inflation. Biden also faces calls from within his own party to do more to curb emissions from fossil fuels that are driving climate change.The royalty rate for new leases will increase to 18.75%, from the current 12.5%. That’s a 50% percent jump and marks the first increase to royalties for the government in decades.
Interior Department officials declined to specify which states would have parcels for sale or to give a breakdown of the amount of land by state, saying that information would be included in Monday’s sales notice.Burning fossil fuels extracted from public lands accounts for about 20% of energy-related U.S. emissions, making them a prime target for climate activists who want to shut down leasing.
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