Senator Markey
@senatormarkey·12.2K subscribers·1.6K videos
Markey: Stop Big Oil From Drilling for Free, Save Taxpayers $53 Billion
Posted
February 19, 2011
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February 19, 2011
173
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4:24Now PlayingAs a result of a poorly drafted law passed by the Republican Congress in 1995, oil companies are now drilling for free on public land offshore in the Gulf of Mexico. The Government Accountability Office projects that the American people currently stand to lose as much as $53 billion dollars in royalty payments over the life of these leases. And according to a brand new analysis completed for me this week by the Interior Department, American taxpayers will lose $1.5 billion JUST THIS YEAR from this giveaway to Big Oil.
With oil prices nearing $90 per barrel this is completely unjustifiable.
The amendment Rep. Edward Markey is offering would give these companies a strong incentive to renegotiate their leases to pay their fair share. The amendment would offer these oil companies a simple choice -- Choice number one: they can keep these royalty-free leases, but they will not be able to receive new leases from the federal government. Choice number two: they can renegotiate these faulty leases, pay their fair share to the American people, and continue to be eligible for new drilling leases.
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