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Biden increases oil royalty rate, scales back lease sales

FILE - President Joe Biden speaks during the "Accelerating Clean Technology Innovation and Deployment" event at the COP26 U.N. Climate Summit, Nov. 2, 2021, in Glasgow, Scotland. The administration says it's increasing royalty rates for oil and gas extracted from new leases on public lands. (AP Photo/Evan Vucci, Pool, File)

This Feb. 26, 2021, file photo shows an oil well east of Casper, Wyo. The Biden administration is raising royalty rates that companies must pay for oil and natural gas extracted from federal lands as it moves forward under court order with sales of public fossil fuel reserves in nine states. (AP Photo/Mead Gruver, File)

Biden increases oil royalty rate, scales back lease sales