White House cut offshore drilling royalty rates by a third

An Interior Department advisory committee voted unanimously to cut the royalty rate that oil and gas companies pay for offshore drilling in federal waters. The Interior Department’s Royalty Policy Committee held a meeting in Houston to evaluate a proposal to lower the royalty rate companies pay on offshore drilling from 18.75 percent to 12.5 percent to promote more offshore production.The lower rate would apply to the value of oil and gas from drilling-rights leases sold starting later this year.

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 I believe this amount is the lowest rate the government can charge for offshore leases.

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 Decision is not passed yet by the government, it still has to be approved by Zinke's office .

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I am sure Zinke will make it official. This proposal would amount to a giveaway to some of the most profitable companies in the world and rob taxpayers of potentially billions of dollars of revenues over the life of the leases. 

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Selling off public land and resources as quickly as possible at fire-sale prices is not good stewardship

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oil, gas and coal industries win and the American taxpayers lose

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10 minutes ago, Joanna said:

An Interior Department advisory committee voted unanimously to cut the royalty rate that oil and gas companies pay for offshore drilling in federal waters. The Interior Department’s Royalty Policy Committee held a meeting in Houston to evaluate a proposal to lower the royalty rate companies pay on offshore drilling from 18.75 percent to 12.5 percent to promote more offshore production.The lower rate would apply to the value of oil and gas from drilling-rights leases sold starting later this year.

Modern socialism really sucks. Norway uses it's oil for it's people and has a one trillion $ savings account. On other side, we give our resources to handful of  multi billionaires, and have trillions of debt

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1 minute ago, 李伟王芳 said:

Modern socialism really sucks. Norway uses it's oil for it's people and has a one trillion $ savings account. On other side, we give our resources to handful of  multi billionaires, and have trillions of debt

Well, Norway has 70 times less people but I agree that every country should have its own permanent fund like Norway 

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I'm pretty sure oil companies are doing just fine without giving them a clearance price

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1 minute ago, Stephen said:

I'm pretty sure oil companies are doing just fine without giving them a clearance price

They can pay 18%. Any revenue should be put to pay down national debt

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Why cry? This is a step to reduce import cost, by profiting local business houses n by the way customers are not charged extra!

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Protect American Engineers and Designers in the Energy Sector in Houston.. Engineering Co's are offshoring 70-90 percent of our work to India and China..! No More H-1Bs in Energy Sector unless they have American Degrees..!!

The Oil Company's Got Big Tax Breaks and Royalty fees Cut by 30 percent.. They should able to hire Americans.. atleast for Domestic Projects.. Its bad enough when American engineering co's do it but its Disgraceful when foreign engineering co's siphon up domestic project work and take it to China or India..!!

There are Dozens of Multi Billion Dollar Projects Coming up.. The cost of Engineering is peanuts compared too profits..
Houston is known as the Energy Capitol of the World but maybe not for long.. My 2 sons already changed their
engineering majors and my Brother in law graduates in May w Petroleum Engineering degree..

If The our Domestic Energy Sector is Vital.. Are we (Trump) gonna hand it over to China and India because they work
for slave wages..?

https://www.facebook.com/photo.php?fbid=310239042407910&set=a.106427416122408.8940.100002654507753&type=3&theater

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(edited)

Whos for offshoring as much work and we can to India and China in the energy engineering sector..?

 

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Edited by Structural Master

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