Apr 3, 2017 Issues: Economy and Jobs, Energy

Washington, DC (April 3, 2017) Congressman Steve Pearce today released the following statement after the U.S. Department of the Interior announced a proposal to repeal the Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation Reform Rule:

“The Office of Natural Resource Revenue (ONRR) valuation rule for coal, oil, and gas was a direct attack on the production of energy on federal lands. The valuation rule must be substantially changed or repealed to ensure taxpayers in New Mexico, and across the nation, are getting a fair return. Unchanged, the rule will make it more difficult to develop domestic energy resources, which reduces federal, state, and tribal royalty revenue and will take away good-paying jobs. I am pleased to see the Department of the Interior take action to allow for the affordable and reliable production of energy, so New Mexicans can have greater access to jobs and lower energy costs.”

According to the Department of the Interior’s announcement, “The repeal would provide certainty and clarity to the regulated community by continuing to require compliance with lawful, longstanding, and well-known procedures.”

Last week, 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.