Biden Administration Raises Costs to Drill and Mine on Public Lands

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 government also increased more than tenfold the amount of the bonds that companies must secure before they start drilling.The new…