U.S. Plans $7-Billion Royalty Windfall to Oil Companies
On the heels of Exxon Mobil's record-setting $10-billion quarterly profit, the "federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years." It's nice being an oil baron when two oilmen head the government.New York Times
: The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years.
New projections, buried in the Interior Department’s just-published budget plan, anticipate that the government will let companies pump about $65 billion worth of oil and natural gas from federal territory over the next five years without paying any royalties to the government.
Truthdig says: It’s nice being an oil baron when two oilmen head the government.
Wait, before you go…If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Support Truthdig
Environment
More than half of discretionary spending goes to the military. Only a tiny fraction addresses the most urgent threat to our security.
Military
A new budget loophole will send Pentagon spending soaring even higher.
Politics
House GOP says Pentagon budget is safe—but social security and Medicare aren't.
The budget proposal offers a terrifying preview of what we can expect from Trump if he wins another four years in office.
Deficits averaging 4.8% of GDP are foreseen over the course of the coming decade; experts say anything above 3% is unsustainable.
It gives Trump steady funding for his U.S.-Mexico border fence while Democrats win sweeping spending increases on domestic programs.
There are currently no responses to this article.
Be the first to respond.