Manchin’s Energy Draft of Biden Bill includes Oil Royalty Hike

Draft text of the energy portion the tax-and-spending package by Senate panel chaired by Joe Manchin would boost royalty rates paid for oil for oil and gas extracted from federal land, consistent with the House-passed Build Back Better legislation, according to a copy of the bill obtained by Bloomberg.

• The Senate energy committee’s draft would boost onshore royalties to 16 2/3% from 12 1/2%; for offshore leases, royalties would increase to 14%, also up from 12 1/2% currently
  • Under the House-passed Build Back Better bill, onshore and offshore royalties would both be set at a higher level, generally at 20% ...