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Why This Matters: The oil and gas industry has received enough handouts. The last thing our country needs right now is more cheap gas. At current prices, the gas is worth much less on the market than it costs to extract it. If these companies want to pay less in royalties then they should pump out less. Period. Other parts of our economy need help much more right now.
“This call for royalty relief on offshore oil and gas will help ensure that the cost of production isn’t more than the price of the commodities. This is especially important for America’s smaller producers – many of whom are based in Texas – who feel the burden of these royalties the most.”
The Members of Congress also admitted in the letter that the request is mostly in reaction to the price war with Russia and Saudia Arabia, only throwing in coronavirus offhand. They said that reducing royalties would “in the short term will help mitigate a price war that is sinking prices and decreasing production.” Democrats pushed back on these grounds. Senators Bernie Sanders, Jeff Merkley, and Ed Markey even proposedlegislation that would prevent the administration from reducing royalty rates for coal, oil or gas recovery by executive action. According to The Hill, “they wrote a letter to President Trump last week, saying that giving federal assistance to oil companies ‘would be a wasteful misuse of government resources that would exacerbate the climate crisis.’”
To Go Deeper: To read the full letter Republican letter, click here. To read the Democratic letter, click here.
by Ashira Morris, ODP Staff Writer In the United States, there’s a growing need to scale up high-speed broadband and clean energy infrastructure. A new housing initiative in New York City will take on both with a single project: setting buildings up for solar power, then using the energy cost savings to bring high-speed internet […]
By Ashira Morris, ODP Staff Writer This week, Poland announced it will close the coal-fired Belchatow power plant by the end of 2036. The country’s national energy group opted not to develop an open-pit coal mine to power the plant after deciding it would not make financial sense. The decision comes as Poland’s Lodz region […]
Thousands of protesters gathered near the headwaters of the Mississippi River from around the country, including actresses Jane Fonda and Patricia Arquette, in an attempt to disrupt the construction of a major pipeline through northern Minnesota, the Duluth Tribune reported.
Why This Matters: The Line 3 pipeline, at a cost of $4B, will carry hundreds of thousands of barrels of dirty Canadian tar-sands oil through the U.S. across at least 200 bodies of water and sensitive watersheds.
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