Barbara Boxer: “I support H.R. 2884, but I oppose Senator Murkowski's substitute amendment that undermines the new oil valuation rule…”

“I support H.R. 2884, but I oppose Senator Murkowski's substitute amendment that undermines the new oil valuation rule for royalty payments on oil produced on Federal lands. This rule took over three years to finally implement. Senator Murkowski's amendment would do great damage to the rule, which just took effect a few months ago and taxpayers would be hurt. In conclusion, I support the House bill, which sets up a heating oil reserve for the northeastern states and reauthorizes the Strategic Petroleum Reserve, but I object to the royalty provision in the substitute amendment. I call on the Senator from Alaska to let H.R. 2884 move forward as it was passed by the other body--without the royalty language.”