U.S. Advisory Panel Pushes for Lower Offshore Oil Royalties
- Committee says lower rates would make U.S. more competitive
- Panel urges pared environmental review, faster Arctic drilling
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Oil executives urged the Trump administration to slash the rates their companies pay to harvest natural gas and crude from beneath U.S. waters.
The U.S. Interior Department’s royalty policy committee, filled with industry representatives, voted Wednesday to recommend cutting rates for offshore oil and gas production by about a third, to 12.5 percent.