Coal, oil and gas companies to pay less in royalties after Interior decision [View all]
Source: Washington Post
The Interior Department informed coal, oil and gas companies this week they do not need to comply with a new federal accounting system that would have compelled them to pay millions of dollars in additional royalties.
The Office of Natural Resources Revenue’s new method of calculating royalties for minerals extracted on federal land — which was finalized last July and took effect Jan. 1 — was aimed at preventing firms from underpaying what they owe by selling coal to subsidiaries at an artificially low price. But energy firms, some of whom challenged the new rule in court, called the requirements confusing, complicated and onerous and pressed for a delay.
“This rule would have had immediate detrimental effects to American energy producers and the hard-working Montanans and workers across the country they support,” said Sen. Steve Daines (R-Mont.), who asked the administration last month to stay the rule.
Companies were set to file their first reports under the new rule Tuesday.
Read more: https://www.washingtonpost.com/politics/coal-oil-and-gas-companies-to-pay-less-in-royalties-after-interior-decision/2017/02/24/a3164016-fad5-11e6-bf01-d47f8cf9b643_story.html?utm_term=.69c52be5f471
Less money for Us, more money for them. The Trump Way.
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