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.
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