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February 14, 2006

Why are We Giving Away $65 Billion to Big Oil

This is truly outrageous:

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.
This is due to a host of laws giving away the store to oil companies over the years.

Of course, all the government has to do is raise taxes on the industry to regain this lost revenue, but the rightwing is too much in the pocket of big Oil to do that.

Oh yeah, and the rest of the article notes legal challenges by the oil industry that could cost the treasury tens of billions more.

Posted by Nathan at February 14, 2006 07:25 AM