Alabama among States hit with higher crude oil royalty rate

President Biden is raising the rates energy companies pay for royalties on oil and natural gas. The hike applies to federal lands and Alabama is one of the nine states impacted. The announcement comes as Republicans pressure the White House to expand U.S. crude production and rein in higher gas prices. President Biden also faces calls from within his own party to do more to curb emissions from fossil fuels that are driving climate change. The royalty rate for new fossil fuel leases will increase to just under 19%, which is up from just over 12%. That’s a 50% percent jump and marks the first increase to royalties for the government in decades. The sales notices will cover leasing decisions in nine states, including Alabama, Oklahoma, Wyoming, New Mexico, and Montana.