The rich get richer and the U.S. Treasury loses tons of natural resources royalty revenue
but why in the world would bushco want to reduce the deficit by $700M if it would mean reducing the unbelievable windfall profits of big oil...?
take comfort in the fact that this administration can be implicitly trusted - to continue to stuff the pockets of the already-staggeringly wealthy with even more money... Submit To Propeller
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At a time when energy prices and industry profits are soaring, the federal government collected little more money last year than it did five years ago from the companies that extracted more than $60 billion in oil and gas from publicly owned lands and coastal waters.
If royalty payments in fiscal 2005 for natural gas had risen in step with market prices, the government would have received about $700 million more than it actually did, a three-month investigation by The New York Times has found.
take comfort in the fact that this administration can be implicitly trusted - to continue to stuff the pockets of the already-staggeringly wealthy with even more money... Submit To Propeller
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posted by profmarcus at
1/23/2006
