Benefiting from royalty-free oil leases

Congress waived royalties on big oil companies for drilling in the Gulf of Mexico in 1995. At the time, oil was wavering around $20 a barrel. According to a report by Democrats on the House Natural Resources Committee, over 100 oil and gas companies still have royalty-free leases for deep-water drilling when the current price of oil is over $90 a barrel. Read related article.

Oil companies benefit from royalty-free leases in the Gulf of Mexico.

Sources: “Oil for Nothing . . . And Gas for Free” report by Democrats on the Committee on Natural Resources; Bloomberg. The Washington Post. Published on February 27, 2013, 6:32 p.m.

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