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URL:  https://boards.fool.com/giveaway-to-big-oil-and-gas-34682991.aspx

Subject:  Giveaway to Big oil and Gas Date:  12/2/2020  8:18 AM
Author:  EverettRuess Number:  2338761 of 2368116

One hundred years ago, Congress passed the Mineral Leasing Act of 1920, setting up a system in which companies lease public lands to wrest valuable oil and gas from the ground. In the century since, the royalties and rent that those corporations pay to the American people for access have remained essentially unchanged even as the scale of development and profits has grown hugely.

It should be noted that the low rents and royalty rate represent only taxpayers’ initial losses. When a company has finished extracting all the oil and gas it can get from the land, pocketing millions in profits, this broken federal system allows them to close up shop without setting aside sufficient funds for cleaning up the mess they created. This leaves taxpayers on the hook for cleanup costs.

https://www.nytimes.com/2020/12/02/opinion/oil-gas-companies...
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