Trump administration cuts royalty rates for oil and gas
Last updated 5/20/2020 at 5:35pm
BILLINGS, Mont. (AP) — The Trump administration has started giving energy companies temporary breaks on royalties and rent they pay to extract oil and gas from leases on public lands because of the coronavirus pandemic.
The move drew quick criticism as a handout to industry that will mean less money for state governments. A Democratic lawmaker called for an investigation into whether the breaks were justified.
Government data shows companies in Utah receiving steep cuts in the standard 12.5% royalty rate, to as low as 2.5% of the value of the oil and gas the...