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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 Julia Pyper, Contributing Editor at Greentech Media, Host and Producer of Political Climate As the American automotive industry slowly gets back to business amid the coronavirus pandemic, Congresswoman Debbie Dingell (D-MI) says the industry must maintain its focus on electric vehicle innovation. “The fact of the matter is, the internal combustion engine is […]
A federal appeals court in California ruled that lawsuits against the major oil companies by San Mateo County and the city of Oakland for compensation for climate change impacts such as sea-level rise are not blocked by federal law from going forward in state court. And a judge in Montana invalidated 440 oil and gas leases on federal land because the Interior Department did not adhere to an agreement between the agency and farmers, ranchers, conservationists, and energy groups to protect habitat for the sage grouse, which allowed the bird to remain off the endangered species list.
Why This Matters:Oil and gas companies have suffered several high profile unfavorable rulings in recent days.
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