Firms Get Relief From Gulf Drilling Fees
From Reuters
The Bush administration said it would give royalty relief of more than $1 billion to energy companies drilling in the Gulf of Mexico to help increase domestic natural gas supplies, reduce consumers’ energy bills and create jobs.
U.S. Interior Secretary Gale Norton said the plan would save Americans $570 million a year because of lower energy costs and create up to 26,000 jobs in the next six years.
But the plan also would cost the U.S. government about $1.1 billion in lost royalty fees from energy companies over the next five years, officials say.
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