Lawmakers representing U.S. Gulf coast states have asked Interior Secretary David Bernhardt to temporarily slash the royalty rate that oil and gas companies must pay on oil and gas operations, reports the New York Times.
The 14 lawmakers, speaking from energy-intensive states like Texas and Louisiana, hope that cutting royalties will help oil and gas companies survive an oil price war that continues to sink prices, and the COVID-19 pandemic that has tanked global oil demand. Last week, the American Petroleum Institute asked for additional regulatory relief from the Trump Administration, including a suspension of non-essential inspections and audits.
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