The Biden administration raised the royalty rates that fossil fuel companies pay the government in order to drill and mine on public lands, the first time since 1920 that those fees have increased. One way to think about it is this: the nation’s largest property owner, the federal government, effectively charges rent to oil and gas companies that exploit public land for private profit. Here’s what to know about the changes announced Friday:Does the new rule prohibit oil and gas companies from drilling on public lands? Despite a pledge he made as a candidate (“No more drilling on public lands, period”), Mr. Biden has not stopped oil and gas drilling on federal land or in federal waters. The administration said the proceeds would help to clean up the environmental damage from approximately 3.5 million oil and gas wells on federal property that have been abandoned.

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Persons: Biden Organizations: Treasury Department and Interior