By Caitlin Tan
A new study shows that oil and gas companies would have paid billions of dollars more to the federal government had royalty rates been set at higher levels nine years ago.
Just this year, the Biden administration raised royalty rates by fifty percent on oil and gas leases, meaning companies have to pay the federal government more money for gas and oil sold.
A report from Public Citizen, a non-profit consumer advocacy organization, shows the industry would have paid $5.8 billion more had the royalty rate been set higher back in 2013. The state of Wyoming could have seen a return of nearly $1.7 billion, according to the study.
“This money goes back to schools, to roads, to things that really benefit your taxpayers, and your daily life in your state,” Alan Zibel, Public Citizen researcher, said.