Wait, so the price of literally everything else has gone up, but those costs stayed the same for +100 years?
this post was submitted on 12 Apr 2024
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The bigger part, the royalty fee, was expressed as a percentage:
The rate increase was mandated by Congress under the 2022 Inflation Reduction Act, which directed the Interior Department to raise the royalty fee from 12.5 percent, set in 1920, to 16.67 percent. Congress also stipulated that the minimum bid at auctions for drilling leases should be raised from $2 per acre to $10 per acre.
I'll note that even the higher rate is lower than what most countries end up charging.
Wow, that’s actually a massive increase.
Good.
Don't worry man, once the wealth that's been created trickles down, it's gonna come with interest. We'll all be rich baby!
🤣🤣🤣
Can’t wait! Going to buy a yacht.
It's by design. Anything that costs corporations money or benefits people will not be tied to inflation, while taxes and fines that mostly affect individuals will be raised to match inflation.
I especially enjoyed the part where the person whined about small oil companies not being able to afford the bond requirements, as if there’s a bunch of mom and pop oil companies out there just trying to get a fair shake.
Honestly, if they are extracting a resource from public land for private gain they should be paying way more or buying that land at the market rate. No more corporate welfare.
This is the best summary I could come up with:
The Biden administration on Friday made it more expensive for fossil fuel companies to pull oil, gas and coal from public lands, raising royalty rates for the first time in 100 years in a bid to end bargain basement fees enjoyed by one of the country’s most profitable industries.
The new rules are among a series of environmental regulations that are being pushed out as President Biden, in the last year of his term in the White House, seeks to cement policies designed to protect public lands, lower fossil fuel emissions and expand renewable energy.
“These are the most significant reforms to the federal oil and gas leasing program 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,” Interior Secretary Deb Haaland said.
“This rule will finally curtail some of these wasteful handouts to the fossil fuel industry,” said Josh Axelrod, senior policy advocate with the Natural Resources Defense Council.
The Biden administration has had to navigate challenging terrain when it comes to extraction of fossil fuels on public lands and in federal waters, which is responsible for almost a quarter of the nation’s greenhouse gas emissions.
Last month, the Republican-majority House passed a bill, sponsored by Representative Lauren Boebert of Colorado, that would force the administration to withdraw the new royalty regulation, although the measure has little chance of passage in the Democratic-majority Senate.
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