Oil Companies Can Set Their Own Rates for Royalties From Drilling on Public Lands Thanks to Trump: Report

Homepage | Forums | Main Forums | General Discussion | Oil Companies Can Set Their Own Rates for Royalties From Drilling on Public Lands Thanks to Trump: Report

Viewing 1 reply thread
  • Author
    Posts
    • #319222
      Cold Mountain Trail
      Participant
      • Total Posts: 8,493

      As High Country News reported Thursday, the Bureau of Land Management (BLM) contacted its state offices the day after global oil prices plunged to below $0 per barrel as the Covid-19 pandemic caused an unprecedented drop in demand.

      The federal agency, which oversees 96,000 oil and gas wells and more than 24,000 leases on public lands, ordered state officials to encourage more drilling despite an excess supply of oil which was forcing companies to pay for oil storage.

      In addition to suspending lease payments, BLM told states to allow companies to apply for relief from royalties, the mandatory taxes on the revenue the fossil fuel industry earns, which are used to support public schools, higher education, and healthcare in Western states.

      According to High Country News, BLM instructed state offices to allow oil and gas companies to decide how much they want to pay in royalties for the duration of the pandemic, suggesting that the standard rate of 12.5% be reduced to as low as 0.5%…

      The cheap sales combined with low or non-existent royalty payments “means lower financial return on federal oil for energy-dependent Western states,” wrote Nick Bowlin at High Country News.

      https://www.commondreams.org/news/2020/05/22/oil-companies-can-set-their-own-rates-royalties-drilling-public-lands-thanks-trump

    • #319243
      ravensong
      Participant
      • Total Posts: 2,092

      for bounties on Trump, Trump administration officials, and oil company executives, thanks to total environmental collapse.

      “A lie doesn't become truth, wrong doesn't become right, and evil doesn't become good, just because it's accepted by a majority.” ~ Booker T. Washington

      The truth is, there’s no such thing as being “anti-Fascist.” Either you are a decent human being with a conscience, or you are a fascist.
      ~ Unknown

Viewing 1 reply thread
  • You must be logged in to reply to this topic.