Here's a few billion to finance the Iraqi war

[Disagreeable]

Let's see, $7 billion will almost pay for seven weeks in Iraq. Well, we wouldn't want to put the oil companies out, would we?

WASHINGTON, Feb. 13 — The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years.
New projections, buried in the Interior Department's just-published budget plan, anticipate that the government will let companies pump about $65 billion worth of oil and natural gas from federal territory over the next five years without paying any royalties to the government.
Based on the administration figures, the government will give up more than $7 billion in payments between now and 2011. The companies are expected to get the largess, known as royalty relief, even though the administration assumes that oil prices will remain above $50 a barrel throughout that period.

More at the link: http://www.nytimes.com/2006/02/14/business/14oil.html?ex=1297573200&en=87dc413fa6add582&ei=5088&partner=rssnyt&emc=rss

 

[SDSteve]

Wlecome back. Old BBJ was getting pretty cocky thinking he had run you off with his great wit.

 

[Anonymous]

I knew she'd be back. One thing about old dis, she ain't got a scared bone in her body. She stands up for what she believes, even when she's wrong.

Welcome back, dis. Hope your calving is going smoothly.

 

[Steve]

Congress wanted to encourage more exploration and drilling in the high-cost, high-risk areas

"We need to remember the primary reason that incentives are given," said Johnnie M. Burton, director of the federal Minerals Management Service. "It's not to make more money, necessarily. It's to make more oil, more gas, because production of fuel for our nation is essential to our economy and essential to our people."

and most alarming,....

the Law it is based on was passed in 1996..........when President Clinton signed it into law.........

But what seemed like modest incentives 10 years ago have ballooned to levels that have alarmed even ardent supporters of the oil and gas industry, partly because of added sweeteners approved during the Clinton administration

So why is the amount of royalty-free gas and oil expected to double over the next five years?

The biggest reason is that the Clinton administration, apparently worried about the continued lack of interest in new drilling, waived the price triggers for all leases awarded in 1998 and 1999.

and once again we are paying for Billy's inability to do anything right.....

 

[kolanuraven]

They missed you SOOOOOOOOO bad!!!!

Every conservative on this board was bemoaning your absence and also glowing with pride thinking they'd ran you off!!!

Welcome back.....

:clap: :clap: :clap: :clap: :clap:

 

[MsSage]

WELCOME BACK DIS LOL yeah you were missed ....HAIL I knew I could never run ya off.
Was a bit worried but glads your back
Dang dis you really are using the NY times??? hmmmmm slipping got to get you back up to snuff.