Loading ...
Sorry, an error occurred while loading the content.
 

Fw: [environment] Taxpayers Will Lose Millions of Dollars to Big Oil Under Energy Bill

Expand Messages
  • Mike Morin
    ... From: Agent Smiley To: wyyrdo@netscape.net Date: Wednesday, October 31, 2001 12:56 PM Subject:
    Message 1 of 1 , Oct 31, 2001
      -----Original Message-----
      From: Agent Smiley <smileyundaunted@...>
      To: wyyrdo@... <wyyrdo@...>
      Date: Wednesday, October 31, 2001 12:56 PM
      Subject: [environment] Taxpayers Will Lose Millions of Dollars to Big Oil
      Under Energy Bill


      >http://www.pogo.org/oil/rikenergybill2001.htm
      >
      >For Immediate Release July 10, 2001
      >Contact: Beth Daley 202-347-1122 beth@...
      >
      >
      >Taxpayers Will Lose Millions of Dollars to Big Oil
      >Under Energy Bill
      >
      >Language in the House Resources Committee energy bill
      >to be proposed this week will cause millions of
      >taxpayer dollars to be lost to major oil and gas
      >companies, according to the Project On Government
      >Oversight. The provision concerns royalty-in-kind
      >programs where drilling fees are paid in barrels of
      >oil or units of gas rather than in cash.
      >
      >ÒAfter decades of shortchanging the taxpayers, new
      >rules were implemented in 2000 that prevent oil and
      >gas companies from underpaying their fees for drilling
      >on federal and Indian lands. Royalty-in-kind programs
      >have been promoted by industry as a way to circumvent
      >the new rules,Ó according to the organizationÕs
      >Executive Director Danielle Brian.
      >
      >According to a written statement from Ms. Brian: ÒThe
      >Department of Interior has completed two pilot
      >programs to date in order the test whether
      >royalty-in-kind programs will work. The two programs
      >have failed, losing significant revenues in comparison
      >to dollars received from programs that collect cash.
      >According to the Department of InteriorÕs Inspector
      >General, the first pilot program to collect gas
      >royalties-in-kind lost 6.5%. Earlier this year a
      >second pilot program to collect oil royalties-in-kind
      >lost $3 million....Section 232 ÔProgram on Oil and Gas
      >Royalties in KindÕ of the House Resources Committee
      >energy bill proposes giving the Secretary of Interior
      >authority to further expand collections of
      >royalties-in-kind...Section 232 would institutionalize
      >the further loss of millions of taxpayer dollars to
      >major oil and gas companies.Ó
      >
      >In 1998, the General Accounting Office analyzed the
      >prospect of royalty-in-kind and determined that there
      >were significant barriers to ensuring that the federal
      >government receives its fair share: ÒAccording to
      >information from studies and the programs themselves,
      >royalty-in-kind programs seem to be feasible if
      >certain conditions are present. However, these
      >conditions do not exist for the federal government or
      >for most federal leases," (Federal Oil Valuation:
      >Efforts to Revise Regulations and an Analysis of
      >Royalties in Kind GAO/RCED-98-242).
      >
      >To receive a copy of the full written statement,
      >contact POGO. Founded in 1981, POGOÕs mission is to
      >investigate, expose, and remedy abuses of power,
      >mismanagement, and subservience by the federal
      >government to powerful special interests.
      >
      >
      >=====
      >http://www.iraqwar.org/
      >http://www.centrexnews.com
      >http://www.earthchangestv.com/warroom/beginning.htm
      >http://www.sfbg.com/reality/24.html
      >http://www.dc.peachnet.edu/~shale/humanities/composition/assignments/experi
      ment/paperclip.html
      >
      >__________________________________________________
      >Do You Yahoo!?
      >Make a great connection at Yahoo! Personals.
      >http://personals.yahoo.com
      >
      >
      >
      >
      >Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
      >
    Your message has been successfully submitted and would be delivered to recipients shortly.