ABSTRACT

Offshore Royalty Relief: Status During the COVID-19 Pandemic [Updated May 13, 2020]   [open pdf - 691KB]

From the Document: "U.S. oil and gas producers face financial challenges stemming from demand reduction, oversupply, and commodity price drops during the COVID-19 [coronavirus disease 2019] pandemic. Some Members of Congress have asked the Department of the Interior (DOI) to offer 'royalty relief' on federal oil and gas leases--a temporary reduction or waiver of the royalties that companies pay the federal government on production from these leases. Some other Members have opposed a comprehensive royalty relief program for federal oil and gas producers. DOI has stated that affected producers may apply for royalty relief individually using existing options, clarifying that the Department does not plan to pursue a new program of blanket royalty relief at this time."

Report Number:
CRS Insight, IN11380
Author:
Publisher:
Date:
2020-05-13
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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