The United States can’t stay competitive in the offshore oil and gas market without incentives like reduced royalty rates, an industry trade group said. Going against policy recommendations, U.S. Interior Secretary Ryan Zinke said Tuesday the government won’t cut royalty rates on profits from offshore drilling. In February, the Royalty Policy Committee, a panel made up for state, tribal and industry representatives, recommended cutting the rate from 18.75 percent to 12.5 percent. Zinke said that pro-industry moves by President Donald Trump suggested the oil and gas sector could continue on its own momentum alone. “Right now, we can maintain higher royalties from our offshore waters without compromising the record production and record exports our nation is experiencing,” he said. Ahead of a March auction for more than […]