Biden’s Oil-Leasing Review May Alter Royalties Set in 1920s (1)

President Joe Biden’s moratorium of oil and gas leasing buys time for a broad review of whether -- and how -- fossil fuels should be extracted from lands under the U.S. government’s control.

The result could have a profound impact on an industry that employs hundreds of thousands of Americans by determining what access it will have on a 10th of the nation’s land and almost all of its coastal waters.

Biden on Wednesday directed the Interior Department to pause issuing new oil and gas leases “to the extent consistent with applicable law,” as part of a series of ...