The Biden administration announced Friday it would resume selling leases for oil and gas drilling on federal land, albeit at a higher cost to energy companies and with less available land, The Wall Street Journal reported.
Per the Journal, royalties will increase from 12.5 percent to 18.75 percent of the value of any oil or gas extracted, while the acreage available for drilling leases has been reduced by around 80 percent from the amount previously under evaluation.
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