Public Citizen reports a bureaucratic oversight has allowed twenty-four oil companies to avoid more than $1.3 billion in royalties for the privilege of extracting oil and natural gas from US territory in the Gulf of Mexico. Public Citizen estimates the oil companies will eventually stand so save $60 billion in royalty revenue over the life of the leases.
Report: Oil Companies Avoid Paying Billions in Royalties
HeadlineAug 05, 2008