The Trump administration will not make a broad cut to the royalty rate oil and gas companies must pay on their offshore drilling operations despite a historic oil price collapse that has put the industry in crisis, a Gulf Coast lawmaker briefed on the matter told Reuters on Wednesday.

Illustration; Gulf of Mexico Platform - Image by Lukasz Z/AdobeStock

The administration’s decision scratches off one of the top requests made by drillers as they seek government help to survive a record downturn in global energy demand brought on by the fallout of the COVID-19 pandemic caused by the novel coronavirus.

http://www.oedigital.com/news/477848-no-blanket-royalty-waiver-for-u-s-offshore-oil-industry?utm_source=AOGDigital-ENews-2020-04-23&utm_medium=email&utm_campaign=OEGDigital-ENews

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