This story was originally published by High Country News and is reproduced here as part of the Climate Desk collaboration.
On April 12, the Department of Interior released a new rule that will impose stricter financial requirements for oil and gas companies that operate on federal public land — the first such change since 1960.
The reform includes a jump in the amount of money that drilling companies must put forward to ensure cleanup of their wells. It also raises the royalty tax rate that operators pay on the minerals they extract on public land, which had not changed in more than a century.
In a statement, Interior Secretary Deb Haaland said that the changes will “cut wasteful speculation, increase returns for the public, and protect taxpayers from being saddled with the costs of environmental cleanups.”
The final version of the rule, which was released in draft form last summer, joins a flurry of climate and conservation moves by the Biden administration in recent weeks, includ... Read more
