Cassidy, Kennedy ask Trump to aid offshore oil and gas industry – Greater Baton Rouge Business Report

U.S. Sens. Bill Cassidy and John Kennedy want President Donald Trump to provide relief to the offshore oil and gas industry, which has been ravaged in recent weeks.

As The Daily Advertiser reports, a letter from the two senators asks the president to direct the Department of the Interior to suspend all royalty payments for independent offshore oil and gas producers for a full year after the World Health Organization declares the COVID-19 pandemic has ended.

In 2018, independent oil and gas producers paid $1.5 billion in royalties, according to the letter.

Unless the federal government provides meaningful relief to the independent offshore oil and gas companies in the next 30 days, the continued viability of the industry will be in serious jeopardy, the senators letter states. The loss of this important industry would have a devastating effect on Louisiana and would negatively impact the national security interests of the United States.

In addition to suspending the payments, the senators asked the president to suspend production and operation of federal offshore leases and grant automatic three-year extensions for the primary lease terms of offshore leases. Read the full story.

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Cassidy, Kennedy ask Trump to aid offshore oil and gas industry - Greater Baton Rouge Business Report