Biden Restarts Oil Leasing on Federal Lands ...Middle East

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Biden Restarts Oil Leasing on Federal Lands
source : OILPRICE ( Middle East ) () 19
President Biden has decided to remove a moratorium on oil and gas drilling on federal lands in a U-turn from campaign promises to prioritize a shift away from fossil fuels. According to a release by the Department of the Interior, this week will see some 144,000 acres put up for leasing, with the department noting this is a much smaller acreage than previously nominated—some 80 percent smaller. In addition to that, the Department of the Interior will increase royalty rates for new leases to 18.75 percent and said that bidders would be held…

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