Energy companies bid more than $22 million to secure drilling rights on about 110 square miles of public lands in the Western U.S. last week, during the first onshore oil and natural gas lease sales since President Joe Biden took office.
Oil and gas produced from the new leases will be subject to a royalty rate of 18.75%. That’s up from 12.5% and the first royalty increase since the 1920s. Read the full story.
