Move would flow billions to the industry but also leave federal, state governments dry on the brink of a recession
The head of the Interior Department agreed to “quickly process” oil companies’ requests about royalty payments, according to a key Gulf Coast Republican.
At least a dozen Republicans and a Democrat from oil-producing states are calling on Interior to waive royalty payments companies hand over to the federal government, citing the coronavirus pandemic, which has knocked back demand and sent already-cheap oil and gas prices plummeting
Supporters of the waivers also cited the effects of a price war between Russia and Saudi Arabia, but that was reported to have been resolved on Thursday. Continue reading.