Budget deal cuts oil and gas royalties to states

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Posted: Wednesday, December 18, 2013 12:00 am

WASHINGTON (AP) - The budget deal in Congress will cost Wyoming, New Mexico and other states $415 million in lost oil and gas royalties over the next decade, according to the Congressional Budget Office.

Legislation implementing the agreement makes permanent an effective 51-49 percent split that favors the federal government in dividing the 12.5 percent royalty collected from energy companies on oil and gas production on federal land. Until 2008 when the Interior Department began setting aside 2 percent of the royalties as an administrative fee, the split between the federal and state government had been 50-50. The administrative fee, renewed several times by Congress, had been scheduled to expire in January.

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