Biden has nominated at least two opponents of fossil fuel to key financial regulation posts—although those nominations were ultimately defeated. On the campaign trail, Biden said a number of times that he would end fossil fuels and stand athwart fossil fuel expansion. One of his first actions as president was to cancel the permits needed for the Keystone Pipeline. Biden increased the royalty rate—essentially, a tax rate—on oil production on federal lands by 50 percent this year, the first hike in 100 years.