‘Inflation Reduction’ Rule Hikes Domestic Oil, Gas Production Costs
TL/DR -
The Biden Administration has finalized a rule as part of the "Inflation Reduction Act" that will significantly increase the cost of producing oil and gas in the US. The rule includes a raised royalty rate, causing an increase of $1.8 billion for oil and gas companies by 2023, and also imposes higher fees and royalties, dramatically raises…