Biden has restarted the sale of oil and gas leases on public land, but multiplied the royalty rate by 3/2.

A big enough royalty rate could discourage investment in these leases, but I have a feeling that around 20% is not enough to do that. Furthermore, I have to ask, "18.75% of what?" Many oil wells are run by smaller companies that sell the oil to a big company. If this is 20% of what the small company charges the big company, it may not amount to much money, or much dissuasion.

Unless we have a long-term increasing carbon tax big enough to make new investments unprofitable, we will have too many.