Markey Revives 'Use It Or Lose It' Oil Lease Bill

Law360, New York (April 1, 2010, 1:25 PM EDT) -- Rep. Edward Markey, D-Mass., has announced he will reintroduce legislation to penalize companies that let leased oil drilling rights lay dormant, as President Barack Obama moves forward with plans to open new areas of the Outer Continental Shelf to oil and gas drilling.

The bill — which Markey said Wednesday he intended to re-introduce in the U.S. House of Representatives when Congress returned from its Easter recess — would place an escalating fee on oil drilling rigs not in use by companies, in order to provide...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.