Wait, so the price of literally everything else has gone up, but those costs stayed the same for +100 years?
this post was submitted on 12 Apr 2024
152 points (97.5% liked)
politics
19119 readers
4776 users here now
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
founded 1 year ago
MODERATORS
The bigger part, the royalty fee, was expressed as a percentage:
The rate increase was mandated by Congress under the 2022 Inflation Reduction Act, which directed the Interior Department to raise the royalty fee from 12.5 percent, set in 1920, to 16.67 percent. Congress also stipulated that the minimum bid at auctions for drilling leases should be raised from $2 per acre to $10 per acre.
I'll note that even the higher rate is lower than what most countries end up charging.
Wow, that’s actually a massive increase.
Good.
Don't worry man, once the wealth that's been created trickles down, it's gonna come with interest. We'll all be rich baby!
🤣🤣🤣
Can’t wait! Going to buy a yacht.
It's by design. Anything that costs corporations money or benefits people will not be tied to inflation, while taxes and fines that mostly affect individuals will be raised to match inflation.
I especially enjoyed the part where the person whined about small oil companies not being able to afford the bond requirements, as if there’s a bunch of mom and pop oil companies out there just trying to get a fair shake.
Honestly, if they are extracting a resource from public land for private gain they should be paying way more or buying that land at the market rate. No more corporate welfare.
This is the best summary I could come up with:
The Biden administration on Friday made it more expensive for fossil fuel companies to pull oil, gas and coal from public lands, raising royalty rates for the first time in 100 years in a bid to end bargain basement fees enjoyed by one of the country’s most profitable industries.
The new rules are among a series of environmental regulations that are being pushed out as President Biden, in the last year of his term in the White House, seeks to cement policies designed to protect public lands, lower fossil fuel emissions and expand renewable energy.
“These are the most significant reforms to the federal oil and gas leasing program in decades, and they will cut wasteful speculation, increase returns for the public, and protect taxpayers from being saddled with the costs of environmental cleanups,” Interior Secretary Deb Haaland said.
“This rule will finally curtail some of these wasteful handouts to the fossil fuel industry,” said Josh Axelrod, senior policy advocate with the Natural Resources Defense Council.
The Biden administration has had to navigate challenging terrain when it comes to extraction of fossil fuels on public lands and in federal waters, which is responsible for almost a quarter of the nation’s greenhouse gas emissions.
Last month, the Republican-majority House passed a bill, sponsored by Representative Lauren Boebert of Colorado, that would force the administration to withdraw the new royalty regulation, although the measure has little chance of passage in the Democratic-majority Senate.
The original article contains 1,132 words, the summary contains 241 words. Saved 79%. I'm a bot and I'm open source!