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Energy industry critical of Wyo. royalty fee hike

Submitted by rebecca on September 1, 2010 – 1:02 pmNo Comment

     
    

CHEYENNE, Wyo. (AP) – Oil and gas representatives are voicing
criticism about the first proposed changes to Wyoming’s oil and gas
leasing contract in nearly three decades.
     The Office of State Lands and Investments has proposed rewriting
almost the entire standard oil and gas leasing contract. The most
controversial proposal would raise the maximum amount for state
royalties from 16 2/3 percent to 18 3/4 percent.
     State Lands and Investments assistant director Harold Kemp tells
the Casper Star-Tribune that the royalty hike will bring Wyoming in
line with royalty rates in other states.
     Oil and gas industry representatives Wednesday questioned the
wisdom of a royalty hike, saying it would actually lead to a
decrease in state revenues because energy companies would choose
cheaper leases on federal and private land.
     —
     Information from: Casper Star-Tribune – Casper

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