The Biden Administration Raised the Rent to Drill on Public Lands. Here’s What to Know.

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. And it raised by tenfold the size of bonds that companies must secure before they can drill, the first time they went up since 1960.One way to think about it is this: the nation’s largest property owner, the federal…