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Energy and Environment

Interior Department committee approves cut in charges for offshore drilling

By Josh Siegel
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Interior Department committee approves cut in charges for offshore drilling

An Interior Department advisory committee voted unanimously Wednesday 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.

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Tag:

Interior Josh Siegel Maria Cantwell Offshore Drilling Oil Ryan Zinke