Deepwater controversies

A casualty of US political fights this year might prove to be a concept central to the most successful energy law since oil and gas price decontrol. The Deep Water Royalty Relief Act of 1995 (DWRRA) created an industry in the Gulf of Mexico. Its success far exceeds the hopes that inspired 3 years of struggle to win enactment. It has created wealth, incomes, and government revenue where otherwise there would be none. Yet the core mechanism-a delay in royalty collection to encourage risky investment-is in jeopardy.Success of the DWRRA is beyond question. According to the Minerals Management Service, deepwater Outer Continental Shelf leases from sales held in the 5 years following enactment ...

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