Assessment: Take a wild guess who will actually pay the increased fees charged to oil companies …
The Biden-Harris administration issued a report Friday to increase the price of oil leasing fees on federal lands in the United States by 50 percent—even while accusing oil companies of artificially increasing prices through illegal and anticompetitive actions.
Despite record-high gasoline prices impacting American families across the country with winter around the corner, the Biden-Harris administration is recommending Congress hike the cost of oil leases on government lands from 12.50 percent to 18.75 percent.
The 6.25 percentage point royalty rate increase on oil companies would contradict the administration’s promise to lower gasoline prices. In recent weeks, the Biden-Harris administration has asked OPEC to increase oil supplies and requested the Federal Trade Commission conduct an investigation into oil companies for “anticompetitive behavior.”
The rate increase, according to the New York Times, would generate about an extra “$2.5 billion in new revenue by the end of the decade,” which oil companies would pay to the federal government, though consumers would absorb the increased cost the companies incur. So far, the Biden-Harris administration has collected $1.6 billion more from oil leases in 2021 than in 2020.
An increased royalty rate would be the first rate hike since 1920 and would fulfill President Biden’s campaign promise to global warming activists and the far-left.
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