Washington Update From the U.S. Oil & Gas Association
Some Good News
September 13, 2024
First – The Good News:
On Wednesday the Senate passed legislation good for our industry.
H.R. 7377, the “Royalty Resiliency Act,” from Rep. Wesley Hunt (R-Texas), passed by unanimous consent. It now heads to the President for signature after passing the House in July. The legislation would remove certain royalties on oil and gas leases until the Interior Department approves a communitization agreement laying out exact royalty amounts. As many of you know – this issue has been an albatross hanging round the necks of many companies. Perhaps the process still works after all.
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