U.S. Interior Department rescinds coal valuation ruleWASHINGTON (Reuters) - The U.S. Department of the Interior said on Monday it has rescinded an Obama-era rule that reformed how energy companies value sales of oil, gas and coal extracted from federal and tribal land to protect taxpayers because it caused “confusion and uncertainty” for energy companies. Interior Secretary Ryan Zinke said the department’s newly formed royalty policy committee would propose alternatives to the rule and “remain committed to collecting every dollar due.” “Repealing the valuation rule provides a clean slate to create workable valuation regulations,” Zinke said in a statement.  The valuation rule was proposed by former Interior Secretary Sally Jewell last year to close a loophole that enabled companies to dodge royalty payments when mining on taxpayer-owned public land. It required energy companies to pay royalties on sales to the first unaffiliated customer, known as an arm’s-length sale, as the fuel moves to market. A Reuters investigation found in 2012 that coal companies were using affiliated brokers to settle royalty payments on exports to Asia at much lower domestic prices. Zinke said the valuation rule had increased costs for coal, oil and gas companies, which hampered production on federal lands, “making us rely more and more on foreign imports of oil and gas.”  Industry stakeholders and trade associations filed three lawsuits challenging the Obama-era rule. Meanwhile, the Institute for Energy Economics and Financial Analysis, a taxpayer watchdog group, found that taxpayers missed out on nearly $30 billion in revenues over three decades because of the loophole. The repeal of the valuation Rule was published in the Federal Register on Aug. 7 and will become effective on Sept. 6. politicsNews
interior department rescind coal valuation rulewashington reuters the department interior said monday rescinded rule reformed energy companies value sales oil gas coal extracted federal tribal land protect taxpayers caused confusion uncertainty energy companies interior secretary ryan zine said department newly formed royalty policy committee would propose alternatives rule remain committed collecting every dollar repealing valuation rule provides clean slate create workable valuation regulations zine said statement the valuation rule proposed former interior secretary sally jewel last year close loophole enabled companies dodge royalty payments mining public land it required energy companies pay royalties sales first unaffiliated customer known arm sale fuel moves market a reuters investigation found coal companies using affiliated brokers settle royalty payments exports asia much lower domestic prices zine said valuation rule increased costs coal oil gas companies hampered production federal lands making us rely foreign imports oil industry stakeholders trade associations filed three lawsuits challenging rule meanwhile institute energy economics financial analysis taxpayer watchdog group found taxpayers missed nearly billion revenues three decades loophole the repeal valuation rule published federal register become effective politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: U.S. Interior Department rescinds coal valuation ruleWASHINGTON (Reuters) - The U.S. Department of the Interior said on Monday it has rescinded an Obama-era rule that reformed how energy companies value sales of oil, gas and coal extracted from federal and tribal land to protect taxpayers because it caused “confusion and uncertainty” for energy companies. Interior Secretary Ryan Zinke said the department’s newly formed royalty policy committee would propose alternatives to the rule and “remain committed to collecting every dollar due.” “Repealing the valuation rule provides a clean slate to create workable valuation regulations,” Zinke said in a statement.  The valuation rule was proposed by former Interior Secretary Sally Jewell last year to close a loophole that enabled companies to dodge royalty payments when mining on taxpayer-owned public land. It required energy companies to pay royalties on sales to the first unaffiliated customer, known as an arm’s-length sale, as the fuel moves to market. A Reuters investigation found in 2012 that coal companies were using affiliated brokers to settle royalty payments on exports to Asia at much lower domestic prices. Zinke said the valuation rule had increased costs for coal, oil and gas companies, which hampered production on federal lands, “making us rely more and more on foreign imports of oil and gas.”  Industry stakeholders and trade associations filed three lawsuits challenging the Obama-era rule. Meanwhile, the Institute for Energy Economics and Financial Analysis, a taxpayer watchdog group, found that taxpayers missed out on nearly $30 billion in revenues over three decades because of the loophole. The repeal of the valuation Rule was published in the Federal Register on Aug. 7 and will become effective on Sept. 6. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: interior department rescind coal valuation rulewashington reuters the department interior said monday rescinded rule reformed energy companies value sales oil gas coal extracted federal tribal land protect taxpayers caused confusion uncertainty energy companies interior secretary ryan zine said department newly formed royalty policy committee would propose alternatives rule remain committed collecting every dollar repealing valuation rule provides clean slate create workable valuation regulations zine said statement the valuation rule proposed former interior secretary sally jewel last year close loophole enabled companies dodge royalty payments mining public land it required energy companies pay royalties sales first unaffiliated customer known arm sale fuel moves market a reuters investigation found coal companies using affiliated brokers settle royalty payments exports asia much lower domestic prices zine said valuation rule increased costs coal oil gas companies hampered production federal lands making us rely foreign imports oil industry stakeholders trade associations filed three lawsuits challenging rule meanwhile institute energy economics financial analysis taxpayer watchdog group found taxpayers missed nearly billion revenues three decades loophole the repeal valuation rule published federal register become effective politicsnews