06-30-16 CWC News: Energy Valuation Rule to Increase Costs for Families, Reduce Energy Revenue…

 

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Energy Valuation Rule to Increase Costs for Families, Reduce Energy Revenue

Washington, D.C. (June 30, 2016) –Today the Department of the Interior released the final rule for assessing the value of the coal, oil, and natural gas produced on federal and tribal lands. The new regulations, combined with other actions taken by the Obama Administration, will lead to lost jobs and a decline in energy production.

Western Caucus Chairman Cynthia Lummis (WY-At large) issued the following statement in response:

“These regulations mark the latest attack by the Obama Administration on energy production that supports local schools, jobs, and infrastructure while providing affordable and reliable energy to millions of American families,” said Chairman Lummis. “The President’s campaign to bury American energy potential under mountains of red tape will kill jobs and drive up families’ electric bills while threatening the billions of dollars in royalties that states, tribes, and the federal government already collect annually from energy production. While the President and his Administration claim that they care about fair returns for the taxpayer, they continue to move towards a keep it in the ground strategy that will ensure no return at all.”

Background:

·         June 2014: EPA’s own regulatory impact analysis estimates the Clean Power Plan will cut coal production by approximately 25% (page 125).

·         January 2016: Secretary Jewell announces a moratorium on new federal coal leases.

·         June 2016: the White House releases a report on the economics of coal leasing on federal lands, suggesting up to a 300% royalty increase.

The Congressional Western Caucus and Senate Western Caucus are comprised of Members of Congress committed to protecting the interests and ideals of the West