Royalty Enhancement Act of 1998

[AI summary unavailable — showing source text] Royalty Enhancement Act of 1998 - Declares that all royalty oil and royalty gas accruing to the United States under any oil and gas lease shall be taken in kind by the United States at the applicable delivery point for each lease premises. Sets forth rights, obligations, and responsibilities pertaining to such royalty oil and gas with respect to: (1) the United States; (2) the States; (3) the lessee; and (4) qualified marketing agents. Allocates costs responsibility and transporter charges between the lessee and the United States. Prescribes procedures for resolving royalty share imbalances between: (1) the amount of royalty oil or gas production taken by the United States from a lease premises during a calendar month; and (2) the amount of such production attributable to such lease premises for that month. Sets forth guidelines for transportation by truck, tanker, or barge for royalty oil or gas taken in kind from onshore or offshore lease premises for which there is no pipeline connection at the well. Exempts from coverage by this Act: (1) compensatory royalties; (2) minimum royalties; and (3) net profit share lease royalties prior to payout. Sets forth reporting requirements for…