CRAMER: Statement on Interior Repeal of Defective Federal Mineral Valuation Rule
BISMARCK, N.D. – Congressman Kevin Cramer issued the following statement after Secretary of the Interior, Ryan Zinke, announced the repeal of the Consolidated Federal Oil and Gas and Federal and Indian Coal Valuation Reform Rule (Valuation Rule) – a cumbersome rule impacting how companies report and pay royalties on energy and other mineral resources from federal onshore and offshore areas and American Indian lands.
“I’m pleased to see Interior Secretary Ryan Zinke has repealed the complex mineral valuation rule developed under the Obama Administration. While it’s intent was to provide simplicity, consistency, and a fair return to the taxpayer for these valuable public resources, the rule was proving to impose greater regulatory burdens on industry and discourage investment to produce American energy. Further, I support the Secretary’s renewed commitment to the long-established Royalty Policy Committee to have a transparent evaluation of the entire process to ensure regulatory simplicity and fair royalties to the public.”