On the recordJuly 7, 2015
In spite of the arguments that my colleague from New Mexico has made, I still say this amendment, in my opinion, doesn't pass the straight face test. I can't imagine my constituents thinking that we should make things any easier for the oil and gas companies or that we should be giving away the opportunity to earn taxpayer revenue on our Federal lands. The Federal onshore royalty rate has not been increased since 1920. That is 95 years. The offshore royalty rate is 18.75 percent; yet the onshore rates have been stuck at 12.5 percent for 95 years. Where is the equity in that? As far as I am concerned, I think it is time for the American taxpayers to get a fair return on the use of public resources, especially from some of the most profitable companies in the world. I urge my colleagues to oppose this amendment. Mr. Chair, I yield back the balance of my time. The Acting CHAIR. The question is on the amendment offered by the gentleman from New Mexico (Mr. Pearce). The question was taken; and the Acting Chair announced that the ayes appeared to have it.
