No Blanket Royalty Waiver for U.S. Offshore Oil Industry

The Trump administration will not make a broad cut to the royalty rate oil and gas companies must pay on their offshore drilling operations despite a historic oil price collapse that has put the industry in crisis, a Gulf Coast lawmaker briefed on the matter told Reuters on Wednesday.

The administration’s decision scratches off one of the top requests made by drillers as they seek government help to survive a record downturn in global energy demand brought on by the fallout of the COVID-19 pandemic caused by the novel coronavirus.

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