BLM REAFFIRMS PLAN TO CUT STRIPPER ROYALTY

The Bureau of Land Management has formally proposed a reduction in royalty rates for 13,500 U.S. stripper oil wells on federal land. Effective sometime this summer, instead of the current 12.5% royalty, stripper wells would carry a 0.5% royalty for the first 1 b/d of production and another 0.8% royalty for each additional 1 b/d through 15 b/d. BLM estimated the sliding scale royalty reduction will increase U.S. oil production 12,875 b/d and boost oil industry employment. It said the $6

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