Today, the U.S. Department of the Interior Office of Natural Resources Revenue (ONRR) released a final regulation on valuating royalties from oil, natural gas and coal produced on federal and tribal lands. Chairman Rob Bishop (R-UT) issued the following statement:

“Don't be fooled. This rule is not about 'protecting taxpayers'. It’s a costly attack on energy development. It trades market certainty for the Administration’s political agenda. These changes will decrease revenues for state and local governments that use royalties to support education. This decision is purely to shut down energy production on federal and tribal lands and increase the cost of energy for Americans.”