17 Feb '12, 7am

Obama Hikes Royalties on Oil Industry by 50%

Obama Hikes Royalties on Oil Industry by 50%

For the first time since the 1920s, fees for oil drilling on public land are going up, in an Obama administration Interior Department rule that does not require congressional approval. The election-year timing almost seems designed to wave a red flag in front of the most obdurate opposition party any president has ever had to contend with, with lavish funding from the fossil industry. Making the bold move even riskier; this is the first election year after the Citizens United decision, which is sure to unleash yet more fossil industry money against any impediment to the richest industry on the planet. Interior Secretary Salazar told E&E that no administration has raised royalty rates on oil production since the 1920s, and that the 50 percent raise is necessary to generate a fair return for American taxpayers. The proposed rates will go from 12.5 percent to 18.75 percent. O...

Full article: http://cleantechnica.com/2012/02/17/obama-hikes-royalties...

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