Biden administration proposes oil and gas drilling reform but stops short of ban

Biden administration proposes oil and gas drilling reform but stops short of ban

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, 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 resources. The report completes a review that President ordered in January. The president directed a halt to new federal oil and gas lease sales on public lands and waters, but a Louisiana federal judge blocked the administration's suspension in June. Drilling on public lands generates billions of dollars in revenue but contributes to roughly a quarter of the country's planet-warming greenhouse gas emissions. The report did not indicate that the administration would take climate change impact into account when approving new leases. The report said the federal oil and gas program, which is enshrined in law, fails to provide a fair return to taxpayers and inadequately accounts for its harmful impact on the environment. It called for new rules to hike