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Biden administration calls for oil drilling fee adjustment despite skyrocketing gas prices

The Biden administration on Friday proposed raising interest rates for energy companies drilling for oil and natural gas on public lands amid rising fuel prices and after President Joe Biden tapped the Strategic Petroleum Reserve. strategy of this country just a few days before.

ONE The report are from US Department of the Interior cited climate concerns when recommending companies pay more, as the federal government tries to lower fuel prices at the pump.

Report requested by Biden when he took office in January.

“The review found a Federal oil and gas program did not provide a fair return to taxpayers, even before accounting for climate-related costs to taxpayers; fully calculate the harmful effects of the environment on land, water and other resources; encouraging speculation by oil and gas companies to the detriment of American competition and consumers; lease expansion to low-potential land that may have higher-than-competitive use values; and take communities out of important conversations about how they want their public lands and waters to be managed,” the report said.

The report says the federal oil and gas program is bad for the environment and calls for higher royalty, link rates and other fees for energy companies.

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Drilling companies on federal land are currently paying a minimum royalty rate of 12.5 percent. It was not immediately clear on Friday how an increase in oil rental rates could lower gas prices.

On Tuesday, Biden asked for 50 million barrels of oil to be released from strategic reserve.

“The bottom line: We are kicking off today a major effort to regulate oil prices – an effort that will expand the global reach of its reach and ultimately your access to your corn.” gasoline in your corner, God willing,” Biden said on Tuesday, according to a White House transcript. “I’ve been working hard over the past few weeks in calls and meetings with foreign leaders and policymakers to put together the platforms for today’s global announcement.”

“It will take time, but, you will see gas prices drop where you fill up,” he said. “And in the long term, we will reduce our dependence on oil as we move to clean energy.”

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Biden also complained that oil prices had fallen, but said it was “unacceptable” that consumers didn’t see much of a difference when they filled up their cars.

President added that higher gas prices have nothing to do with his administration green energy ability to judge.

“I also want to briefly address a myth about rising gas prices: They are not caused by environmental measures. My effort to combat climate change is not to raise gas prices or increase its availability. It – what it’s doing: It’s increasing job availability. Jobs was building electric cars, he said, like the one I drove at GM Detroit – at the GM plant in Detroit last week.

He also touts fuel economy by motorists tram.

The Interior Department’s proposed increase in drilling rental rates, along with Biden’s announcement he would tap into the country’s oil reserves, were made the same week as the Energy Secretary. Jennifer Granholm admitted she did not know how many barrels of oil Americans consume daily during a press conference.

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Granholm, a green energy activist, spoke to reporters Tuesday when the revelation came to light.

A former Democratic governor of Michigan was asked by a reporter, “How many barrels of oil does the US consume per day?”

“I don’t have that number in front of me. Sorry,” Granholm replied.

Correspondents point out that the figure is around 18 million barrels, and the administration’s decision to tap into emergency reserves will flood the market. rude to cover about three days of crude oil used under normal circumstances.



https://www.westernjournal.com/biden-administration-calls-ratcheting-oil-drilling-fees-despite-skyrocketing-gas-prices/ Biden administration calls for oil drilling fee adjustment despite skyrocketing gas prices

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