Summary
Call it the mother of all loopholes. Thanks to a missing provision in drilling leases written in the late 1990s, oil companies will dodge $7 billion in royalties that should be owed to the federal government.
This is outrageous. At a time when the oil companies are logging record profits and all sorts of domestic programs go wanting, a poorly worded lease is allowing Big Oil to drill in parts of the Gulf of Mexico at bargain basement rates for years to come.See the full content of this document
Extract
Big Gift to Big Oil
Here's the problem. Since 1996, the Interi...
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