Pombo pushes for lower oil fees (to be paid by oil cos. to the U.S.)

[Robbien]

Tucked into a massive energy bill that would open the outer continental shelf to oil drilling are provisions that would slash future royalties owed to the federal government by companies prospecting in Rocky Mountain oil shale deposits.

Sponsored by Rep. Richard Pombo, R-Stockton, and passed by the House earlier this year, the bill would amend an existing requirement that the federal government receive a ``fair return'' from oil companies that hold oil shale leases on public lands. Instead, Pombo's bill would reduce royalties from the customary 12.5 percent of annual revenue to 1 percent.

Further, the bill could cut the reduced rate by as much as 80 percent if the price of oil fell. Over many years of oil production, the royalty discounts could amount to tens of billions in lost federal receipts, said James T. Bartis, an analyst at the Rand Corp. who wrote a widely used study of the economic prospects of the developing oil shale industry.

The provision would benefit the energy industry, which is a heavy contributor to Pombo's re-election campaign.

http://www.mercurynews.com/mld/mercurynews/news/15765751.htm

Latin American countries are currently increasing their royalties to 15-30%, but Pombo is trying to turn the US into a third world country bargaining status by giving the oil away for one percent.

[Newsjock]

1. he's projecting again

So that's why Pombo is running those radio ads that accuse Clinton of doing precisely the same thing. Bastard.

[TomInTib]

2. Pombo is beyond caricature...

Just imagine gonzodogdoodahfuckingcrazyhateshumansandtheballtheyliveon and then take it another step.

[Califooyah Operative]

3. Recommended!

Pombo is a crook who is bought and sold by chevron and exxon.

He's facing a serious challenge by renewable energy expert, Jerry McNerney. They're tied in the polls but obviously Pombo has more money in the bank as a result of his ties to big oil, developers, and big business in general.

Help Jerry McNerney defeat Richard Pombo - http://www.jerrymcnerney.org

[Eugene]

4. If the oil companies didn't exploit, nobody would get the oil.

...or something like that. :grr:

When those who govern rob the nation without even
the pretense of legitimacy, you have kleptocracy.

[Pachamama]

5. Richard Pombo is one of the scum of the GOP that this country needs to get

rid of and out of Congress - BADLY! He is the epitome of everything that is wrong with the GOP and the corrupt system that currently exists for the benefit of Big Oil and corporations. He is a nightmare when it comes to any policy involving the environment and I pray that he is one of the seats that is taken back on Nov. 7th.

I met Jerry McNerney at a fundraiser being held by my Congresswoman Lynn Woolsey. He is a great candidate and I donated money and am volunteering my time to his campaign right now. On election day, I plan to be in his district helping get out the vote.

If any of you can spare even $10, please donate to Jerry Mcnerney's campaign. Absentee Ballots just went out and because Pombo has so much money in his campaign war chest, its hard for Mcnerney to even compete on ads etc.

This is one seat that if we not only took back Congress, but got rid of this scumbag, our country would be all the better for it.

:kick:

[twilight_sailing]

6. 12.5 percent is NOT the customary rate any more

It was in the old days but it's 20% now, even for small landowners.

Seems to me that since the US government is NOT a small landowner they
should be able to get MORE, a greater percentage?

Venezuela gets more.

Why? They hold the oil companies feet to the fire.

[TX-RAT]

10. 20%? Please provide a link to that.

Not to sure where you've come up with that figure, but 1/8th or 3/16th, has been the rate around here for the last 50 years, and it hasn't changed.


should be able to get MORE, a greater percentage?]

Why would you say that? The amount of land owned has nothing to do with production. I have 22 wells on my place ( 1920 acres ), with a total production of 76 barrels per day. My neighbor to the east has 120 acres, with only 2 wells. the combined production of his 2 equals 132 barrels per day.

[texpatriot2004]

7. www.pombointheirpocket.org

www.pombointheirpocket.org

[Miss Chybil]

8. Poor oil companies... the need all the help they can get.

/sarcasm

[maxsolomon]

9. the most profitable industry on the planet

does not need subsidies.