Bill Seeks To End Subsidies For Deepwater Drillers

Law360, New York (February 16, 2011, 5:18 PM EST) -- Sens. Dianne Feinstein, D-Calif., and Bill Nelson, D-Fla., have introduced legislation that would end federal subsidies for offshore oil and natural gas drilling, their second attempt to do so since oil still flowed from the Deepwater Horizon rig.

The bill, introduced Monday, would prevent the Secretary of the Interior from issuing future oil and gas lease sales with royalty-based incentives in any tract located in water depths of 400 meters or more.

The Deepwater Drilling Royalty Relief Prohibition Act, as the bill is called, would also...
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