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Tuesday, February 14, 2006

Dog Bites Man

U.S. Royalty Plan to Give Windfall to Oil Companies --New York 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.
Socialize the costs, privatize the profits. Nice work if you can get it.

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