Biden Admin. Moves To Revoke Trump Royalty Valuation Rule
Law360 (June 10, 2021, 5:02 PM EDT) -- The U.S. Department of the Interior plans to undo the Trump administration's eleventh-hour change to the way lease royalties are calculated for minerals on federal lands, such as oil and gas, it said Thursday.
The Biden administration said in a statement that it is proposing to wipe out the Valuation Reform and Civil Penalty Rule, which was finalized less than a week shy of President Biden's inauguration. Royalty collections were estimated to go down by roughly $42 million annually as a result of the revisions to the Office of Natural Resources Revenue's regulations, according to the Trump-era rule. But the Biden administration...
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