Tuesday, February 14, 2006

The looting and pillaging continues

More wonderful news out of Washington. The federal government is going to give up collecting many billions of dollars of royalty payments from oil companies over the next few years. This at a time when oil is at record prices.

In the same vein of their move to open the nation’s old growth forests to timber companies, and working feverishly to allow drilling for oil in the pristine Alaskan wilderness, now comes the next step – the feds will stop collecting the royalties imposed on oil companies for drilling on public land.

According to The Times:

"The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years.

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.

Based on the administration figures, the government will give up more than $7 billion in payments between now and 2011. The companies are expected to get the largess, known as royalty relief, even though the administration assumes that oil prices will remain above $50 a barrel throughout that period."

- NY Times

The administration claims this giveaway is required, a result of laws passed to encourage exploration at a time when oil was $10 a barrel.

So change the damn law then. I would also take that argument more seriously if Bush and House Republicans weren’t already trying to kill a one-year, $5 billion windfall profits tax for oil companies that the Senate passed last fall.

That $30 million pension Dick “Duck” Cheney is getting from Halliburton was a helluva investment for that company.


Anonymous said...

Nothing surprises me any more with these people.

Anonymous said...

We no longer have "government of the people, by the people and for the people" in this country. It is "government of the big corporate interests (especially oil), by the big corporate interests and for the big corporate interests". To those currently in power pouring multimillions into the laps of their big corpporate buddies means everything. The interests of the vast majority who are not corporate bigwigs mean nothing. HOW LONG ARE WE GOING TO STAND FOR THIS?!

Anonymous said...

What kind of chaotic power struggle will the masses endure when these pigs realize there isn't going to be any more oil in the very near future? They continue to fleece this country's wealth for their own personal gains with the gate being held wide open for them by our elected officials... Exxon/Mobil has the most profitable quarter in the HISTORY of BUSINESS in this country and yet no one in the ruling party sees this as an issue to take up on the house floor to levy windfall taxes against them, nevermind swearing them in under oath when these swine are called to testify.. Yet, if I legitimately inherit 20 grand from a relative and if I don't take advantage of one time gifts or other IRS loopholes I pay half of that 20k to these fucknuts. This should be a wake-up to anyone who has one eye/ear open that we are no longer served by our elected officials, but are merely peasants working the fields of the fifedom.

Not a hipster said...

Damn. Well put, Billyclub.

Anonymous said...

Well put BillyClub but you know the saying "the question isn't are you paraniod-but are you paraniod enough?"
When these f**** realize we are going to run out of oil? Honey these f**** realizes that a long time ago (two and a half decades?) that is the big why. Why Geogie2 was thrust into the presidency, why the war with Iraq (a foregone pre2000 conclusion) and why to oh so much. Take a look at recent events, the last two weeks- does it seem like G2 gives a shaved apes ass about how he's polling? Of course not he got re-elected that's all that mattered, now the real work can happen. All of the Jeebus stuff and ALL that comes with is nothing more than distraction so folks on both sides something to keep them busy. Keep in mind also that the rest of the GOP can tsk tsk and come as OK to the public that's their role to play and they do it well. But in end it's all about oil and power.

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