Query targets missing deepwater lease price thresholds

03/13/2006
The US Minerals Management Service is investigating why price thresholds were absent from federal offshore leases covered by deepwater royalty relief during fiscal 1998 and 1999 but has not determined the cause, the MMS deputy director told a House subcommittee Mar. 1.“As near as I can determine, considering it has been 8 years and there has been staff turnover, the leasing language was being revised, and the price thresholds somehow dropped out,” Walter D. Cruikshank told the House Government Reform Committee’s energy and resources subcommittee.He said that soon after the 1995 deepwater royalty relief act was signed, then-Interior Sec. Bruce Babbitt determined there wou...
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