Oil and gas firms must pay more to drill on public lands under new Biden rule

Rule adds stronger requirements for cleaning up wells but does not ban leasing on public lands, as called for by environmentalists

Oil and gas companies will have to pay more to drill on public lands and satisfy stronger requirements to clean up old or abandoned wells, according to a final rule issued on Friday by the Biden administration.

The interior department's rule raises royalty rates for oil drilling by one-third, to 16.67%, in accordance with the sweeping 2002 climate law approved by Congress.