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War On Gas: Biden Dramatically Increases Oil Drilling Costs In Heartless Move
Even as gas prices were already skyrocketing, putting a bigger burden on Americans, President Joe Biden is now ramping up his war against oil by instituting an increase of 33 percent on gasoline production by raising government fees and other obligations, some for the first time in more than 60 years.
As Americans suffer through one of the worst economies in decades, they are finding the costs of everything soaring. Gasoline has been a particular burden this year as prices have skyrocketed more than 14 percent over the last few months, ABC News reported...
Biden’s Interior Department raised royalty rates for oil drilling by more than one-third, to 16.67 percent, the Associated Press reported. The previous fee oil drillers paid for federal drilling rights was 12.5 percent. This and other fees amount to a 33 percent increase for the industry, Fortune added.
This is the first time the royalty rates have been raised for more than 100 years — and it comes just when it will have the worst impact on Americans...
Biden is also exploring further limiting the places that oil companies can drill.
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