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.Socialize the costs, privatize the profits. Nice work if you can get it.
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.
Tuesday, February 14, 2006
U.S. Royalty Plan to Give Windfall to Oil Companies --New York Times
Posted by Sheldon Richman at 5:31 PM