New Bill Seeks to Make Oil Firms Pay More in Royalties

House Speaker Nancy Pelosi (D., CA) is preparing to introduce legislation requiring oil firms to pay more in royalties on existing leases for oil and gas extracted from the Outer Continental Shelf (OCS), Washington sources say. The bill requires companies to either pay a conservation fee or renegotiate royalty provisions; extend depreciation for geological and geophysical expenses from five years, to seven; and to make all oil and gas companies ineligible for the Section 199 manufacturing tax deduction, according to an outline of the bill obtained by CW. Pelosi...

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