Washington, DC – Today, the American Exploration & Production Council CEO Anne Bradbury released the following statement after the Senate passed the Royalty Resiliency Act (H.R. 7377) by unanimous consent:
“The Royalty Resiliency Act is a crucial piece of legislation to help restore commonsense policy to the management of our federal resources for oil and natural gas development. This bill stops the initial overcharging of royalties when the government fails to meet its own statutory deadlines for such royalty allocation agreements, while maintaining assurance that taxpayers still receive the full benefit for the development of these publicly owned resources.
“Energy companies then can reinvest capital and resources to expand energy projects, hire additional employees, and contribute more to their communities and the American economy.
“Energy projects take years – not weeks or months – of planning, and predictable and transparent capital allocation is critical to laying the groundwork for efficient development today and for future projects. The modern American energy economy demands smart, responsible use of our federal energy resources and this legislation does just that. The Royalty Resiliency Act, coupled with broader permitting reform being discussed in the Senate and House, will only spur American energy security and promote American economic growth.
“We commend Rep. Wesley Hunt’s leadership on this issue, as well as bipartisan efforts in the House and Senate, and we look forward to President Biden signing the Royalty Resiliency Act into law to help ensure that American-produced energy can continue to help our economy, strengthen our national security, and advance global emissions reduction goals.”
About AXPC
The American Exploration & Production Council is the national trade association that represents the leading independent oil and natural gas exploration and production companies in the United States. Our member companies represent 50 percent of the nation’s oil production and more than 50 percent of its natural gas production.