Wednesday, February 15, 2006

Stop big oil giveaways

Democrats in Congress will present legislation this week to require oil and gas companies to pay royalties to the federal treasury for drilling on public lands. American Chronicle reports: "taxpayers stand to lose at least $7 billion on oil and gas retrieved from federal lands, according to a report in the New York Times published today." Historically, oil and gas companies have had to pay royalties for drilling on federal lands, but since 1995 they have been exempt from such payments, despite their record earnings.

Seven billion dollars is alot of money, as much as the California state deficit. Another case of big business being allowed to profit off the destruction of our natural resources.


Blogger tetricus said...

that is some awesome news.

11:48 AM  

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