Energy

Biden recommends reforms to oil and gas drilling, stops short of ban

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An oil well pump jack operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.

David Paul Morris | Bloomberg | Getty Images

The Biden administration on Friday proposed reforms to the country’s oil and gas leasing program that would raise costs for energy companies to drill on public lands and water, but stopped short of recommending an end to leasing on public lands.

The long-anticipated report, published by the Interior Department, recommended increasing royalty rates and rents for drillers, prioritizing leasing in areas with known resource potential and avoiding leasing in areas that can be developed to protect wildlife habitat, recreation and cultural…



Source cnbc.com

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