The U.S. Department of Interior issued a press release today announcing a proposal to revise the way royalty rates are calculated for oil and natural gas produced offshore and on federal lands. The proposal bases rates on geography and market prices, rather than on a case-by-case basis as is the practice now. The advanced notice of rulemaking is scheduled to be published this week, with a 60 day comment period. Hayes told members of the committee that the proposal was designed to be revenue neutral. Check back with Alaskanomics for information about the proposal's impact on Alaska.
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