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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.
Yesterday, California Governor Gavin Newsom announced that the state will phase out sales of all gasoline-powered vehicles by 2035. As Governor Newsom said in a separate event with Democratic governors yesterday, people have climate “goal fatigue” and are ready for the application of those goals–this move on gas-powered cars walks the walk on California’s ambitious […]
H/T to renews.biz, an energy news platform, for that headline, and to PepsiCo for making it possible. PepsiCo, one of the largest companies in the world — with a global carbon footprint — announced plans this week to transition to 100% renewable electricity across all of its company-owned and controlled operations globally by 2030 and […]
Why This Matters: Methane leaks are dangerous — they have led to reports of tap water catching fire, toxic groundwater, and fatal explosions, all of which have been motivators for the federal government to track and seal these wells.
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