Lawmaker pushes to end oil companies' royalty break (for public lands oil)

[Robbien]

Arizona Sen. Jon Kyl is teaming with Sen. Ron Wyden, D-Ore., to end a federal rule that allows oil and gas companies to avoid paying royalties for drilling and mining on public lands.

It is estimated the federal government will lose out on $7 billion in royalty money over the next five years because of rules that allow energy companies to avoid paying such fees.

Kyl and Wyden have attached the plan to a federal supplemental spending package for the Iraq war.

. . .

Democrats have accused Kyl of flip-flopping on energy issues, pointing to Kyl and the opposition of the Senate Republican Policy Committee he chairs to some changes in how oil companies are taxed.

Kyl also said earlier this month he did not feel increased antitrust or pricing investigations were needed in the wake of rising gasoline prices. That was before President Bush announced a federal inquiry into high fuel costs.

http://washington.bizjournals.com/phoenix/stories/2006/04/24/daily56.html

[yurbud]

1. people should start paying attention to this shit--extraction industries

should pay for what they take from the commons.

[ixion]

2. so they drill on public lands, and take public oil and then

sell it back to us for a profit.

I'm sorry, that's not capitalism. It's highway robbery. :grr:

[QC]

4. Converting public assets into private wealth

is what American capitalism is all about.

[wordpix]

6. sad but true

[havocmom]

3. K&R

I almost hate that Kyl did something helpful, but he is right, it is a travesty that they get to take oil from public lands and not pay a royalty.

The corporations are not supposed to own the nation! There is NOT constitutional provision where they are guaranteed extortionate profits. It is not our job to give them the resources they use to make money.

[wordpix]

5. finally Congress is waking up to the ripoff of our public lands & tax $

The West is a big trough of public wealth that private companies have pigged out on for decades, even centuries, since the time of the building of the transcontinental railroads. When I lived in Oregon in the '70's, the NW virgin forests were being clearcut for sale to Japan for next to nothing. For all those trees and timber company profits, the US owners of these lands got dirt forest roads built and very little money (in some cases, none). Same thing is happening now with the oil leases.

These Congressmen should be commended but still, it's a bit late.

[lovuian]

7. I like it

:applause:

[yorkiemommie1]

8. i sent this to stepdaughter

who replied that Clinton/Gore should have allowed drilling on ANWR and that the oil companies are protecting the environment there.

she's not on topic, i know. i'll be seeing her today and hope the topic doesn't come up. i already replied that conservation is key in the light of other nations developing their own oil needs and referred her to " Confessions of an Economic Hit Man " .

She is a fundie, w/ two small boys. we never talk politics because i am pretty sure she is a *bot, but dang if i'm going to let her defend the oil companies' not paying royalties.

[struggle4progress]

9. kick

:kick: