PEARCE APPLAUDS REPEAL OF ONRR VALUATION RULE

Aug 7, 2017 Issues: Energy

Washington, DC (August 5, 2017) Congressman Steve Pearce today released the following statement after the Department of the Interior released a formal notice of their plans to repeal the Obama-era regulation on royalties for coal, natural gas, and oil extracted on federal lands.

“The Office of Natural Resource Revenue (ONRR) valuation rule was a direct attack on state’s like New Mexico that rely on the production of energy resources. Without repealing this rule, taxpayers in New Mexico and across the nation would be cheated out of revenues they rightfully deserve. This is much-needed money to improve our schools, repair roads, and assist other essential services our local communities and economies rely on. I’m pleased to see the Department of the Interior follow through on their commitment to unleash domestic energy production from crippling regulations so that New Mexico can continue producing affordable and reliable energy. Not only will this lower energy costs for New Mexicans, but it will keep good-paying jobs here in our state where they belong.”

On April 3, 2017, the DOI announced their plans to repeal the Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation Reform Rule. Rep. Pearce led a letter with other House Members to the House Committee on Appropriations, urging the Department of the Interior to prohibit the implementation of the Federal Oil & Gas and Federal & Indian Coal Valuation Reform Rule. Read the full letter here.

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