Oil Royalties Talks Under Way

[jpak]

http://www.lasvegassun.com/sunbin/stories/bw-exec/2006/sep/21/092102488.html

WASHINGTON (AP) - The Interior Department won't try to recover $1.3 billion in royalties lost because of faulty drilling leases and instead is focusing its talks with oil companies on getting money from future production.

Acting Assistant Secretary Johnnie Burton said Thursday "it would be very hard to recoup" any of that revenue lost from oil already pumped under terms of the 1998-99 leases.

Because of a government mistake, the eight- to 10-year leases did not require royalty payments if the price of oil topped $36 a barrel. Oil prices have been well above that in recent years, reaching $76 a barrel at one point.

Burton told reporters that one-third of the 59 companies that have an interest in the leases have indicated they would like to settle the matter.

<more>

[acmejack]

1. It's just the People's money, no big deal...

Who gives a shit? It's not like Social Security or Medicare wasn't flush...

[JohnWxy]

2. The oil companies want to negotiate another agreement so on future

royalties they can pay pennies on the dollar. On the microscopic chance there might be a Democratic adminisration (i.e. government) in power sometime in the future, they want to strike a deal now with their owned boys, the GOP.

We should go get those unpaid royalties and use them for investment in renewable technologies.

This is a story the MSM barely talks about. (wouldn't want the peasants to find out about this. Just keep 'em arguing about Intelligent Design or that Nancy Pelosi is "liberal", etc.).

Recommended.