During this time of both record profits for the oil and gas industry, and record pump prices for American consumers, it is good to know that the Oil and Gas industry is concerned with the plight of the American tax-payer. While record oil prices might be just what this country needs to truly consider our addiction to oil, we do not need the double whammy of being screwed as tax-payers by subsidizing oil development on public lands.
The Government Accountability Office recently released a report (http://www.gao.gov/...) that noted that not only are oil companies making record profits, not only did our government not assess price relative royalties on these public leases from 1998-1999, but now these oil companies are suing the government, and by extension, the taxpayer, to prevent the collection on royalties that were due but not properly included because the lease documents forgot to include the price thresholds.
For me this is such a perfect issue of how market policies, and by extension, republican policies, are not fair, or in fact market driven. The Oil companies, with republican support, are trying to say that EVEN THOUGH WE ALL KNEW WE WERE SUPPOSED TO PAY ROYALTIES, that because the government failed on a technicality, too bad for the tax payer. I really love this because if this were a petty criminal getting off on this kind of technicality, the republicans would be screaming bloody murder. Somehow, if you are a Corporation, it is OK if you do this, screw the taxpayer to the tune of somewhere between $21 and 53 Billion, record all time record profits, and then try to sell some lame tax holiday as relief for the idiot masses. Thanks repubs, and good luck trying to sell that in the general election. Goodness, I can not wait until Obama takes the oath.