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Making Oil and Gas Companies Pay For What They Take
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05/19/06 06:08 AM ET
The House voted yesterday to stop letting oil and gas companies make money off of public property without paying the American people their fair share. For too long, energy companies have been taking oil and gas from the American people for free and then selling it back to them at record prices. The House put its collective foot down and sent a loud and clear message to energy companies that their days of taking oil and gas from the American people without paying for it are over. After being taken advantage of by giant energy corporations, the American people struck back, demanding that they receive billions of dollars in royalty payments. Passage of this amendment also deals a stunning blow to the pending Kerr-McGee lawsuit, in which the energy company is seeking to relieve itself of $60 billion in royalty payments. Under this amendment, Kerr-McGee would no longer be entitled to new leases with the federal government if it prevails in its lawsuit.
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