FOR IMMEDIATE RELEASE
June 30, 2016
Alex Doukas, alex [at] priceofoil [dot] org
David Turnbull, david [at] priceofoil [dot] org
Response to Obama Administration’s new fossil fuel royalty rule
Today, the Interior Department unveiled a new rule aimed at reforming royalty calculations for fossil fuels extracted from federal lands. In response, Alex Doukas, Senior Campaigner at Oil Change International, released the following statement:
“In his final State of the Union Address, President Obama said that rather than subsidize the past, we should invest in the future. This new ruling by the Obama Administration demonstrates a commitment to challenging fossil fuel subsidies and ending giveaways that benefit polluting industries.
“Although Congress – bought and paid for by the fossil fuel industry – has so far refused to act to end the worst subsidies to oil, gas, and coal companies, the Obama Administration can still do more. While the Administration has made some strides today in putting US taxpayers ahead of oil and gas companies, they should initiate a broader review of federal oil and gas leasing, in line with the Administration’s ongoing review of coal leasing on federal lands.
“Today’s ruling is an important step, but the work continues to stop spending taxpayer dollars to prop up dirty industries. It’s time we stop funding fossils.”
A recent White House Economic Advisers report found taxpayers are currently losing billions in revenue under the current royalty system: https://www.whitehouse.gov/sites/default/files/page/files/20160622_cea_coal_leasing.pdf