"Congress did a good thing back in 1995 in passing the Deep Water Royalty Relief Act. That act did a simple thing. It provided automatic royalty relief for new leases for 5 years in the deep waters of the Gulf of Mexico"
- Bobby Jindal
About this Quote
This quote by Bobby Jindal is referring to the Deep Water Royalty Relief Act gone by Congress in 1995. This act was created to offer automated aristocracy relief for brand-new leases in the deep waters of the Gulf of Mexico for a period of 5 years. This act was valuable to the oil and also gas sector, as it permitted them to check out and also create brand-new leases in the deep waters of the Gulf of Mexico without needing to pay nobilities for the initial five years. This act was viewed as a positive step by Congress, as it allowed the industry to discover as well as create brand-new leases without needing to pay royalties for the first 5 years, which permitted them to spend extra in exploration and also growth. This act was helpful to both the industry as well as the economy, as it permitted even more exploration as well as growth in the deep waters of the Gulf of Mexico, which consequently developed more tasks as well as economic development.