The U.S. Interior Department has dropped claims that Chevron Corp. (CVX) systematically underpaid the government for natural gas produced in the Gulf of Mexico, a decision that could allow energy companies to avoid paying hundreds of millions of dollars in royalties, The New York Times reports in its Tuesday edition.To hell with our kids and grandkids, there's money to be made - by their patrons in big oil.
The agency had ordered Chevron to pay $6 million in additional royalties but could have sought tens of millions more had it prevailed. The decision also sets a precedent that could make it easier for oil and gas companies to lower the value of what they pump each year from federal property and thus their payments to the government, the paper said.
Tuesday, October 31, 2006
More Republican Priorities
The Never-Ending War on Terror, Faith-Based Missile Defense and Bridges to Nowhere are draining the federal coffers. Tax cuts to corporations and the rich are ensuring that those coffers are never refilled. So, given the chance to at least try to bring a little bit of balance to the books, what does BushCo. do?