So now that oil companies are making money hand over fist, Democrats want to tax them heavily. Where were they when oil was at $10 a barrel? Oil companies make major investments in finding new sources of oil and sometimes that big investment goes bust. I'm not defending oil companies per se, but I want to know why Democrats singled out oil companies? Why not software developers? Charities? Lumber Mills? You know why, because their constituents like to point to big oil companies as the "problem" of society's ills.
"The legislation would impose a "conservation fee" on oil and gas taken from deep waters of the Gulf of Mexico, scrap nearly $6 billion worth of oil industry tax breaks enacted by Congress in recent years and seek to recoup royalties lost to the government because of an Interior Department error in leases issued in the late 1990s"
Excuse me? You can't seek to recoup royalties that you lost because you screwed up on a lease agreement. A lease agreement is a binding contract and if you screwed up, you screwed up and you're not owed a single dime. When you do a lease on an apartment, if the owner says "I screwed up on this contract, I'm gonna need an extra $50 a month" you'd laugh in his face. Oil lease agreements take months, if not years to negotiate and you can't tell me that someone didn't go over the lease a million times to make sure the wording was correct.
The government screwed up and now we have less revenue because of it. When the lease expires, THEN go after the additional funds from that point forward. Honor your contract is all I'm saying.
Travis
travis@rightwinglunatic.com
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