President Joe Biden asked Congress to hit oil companies with fines for not producing energy on permitted leases as part of his sweeping plan to address U.S. energy prices.
“Today, President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing,” the White House said in a fact sheet on Thursday.
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Three of the largest oil companies in the United States are feeling the pain amid historically low crude prices, economic lockdowns and a pandemic that has killed tens of thousands of Americans.
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Democratic New Jersey Sen. Cory Booker announced a pricey climate plan Tuesday, marking a trend as the New Jersey Democrat joins other presidential candidates who are pushing trillion-dollar plans to tackle global warming.
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