Volume XIX No.47: November 21, 2014
Getting something for nothing is a pretty sweet deal. At least if you’re the one getting something. Not so much if you’re the one receiving nothing in exchange. Oil and gas companies are getting gas from federal lands and paying nothing for at least some of it. At least that what’s we documented this week.
Oil and gas companies drilling on federal lands have avoided paying in excess of $380 million in royalties on the gas they have extracted over the past eight years. That’s a lot of money and it could be a lot more, because it’s based on self-reported data provided by the oil and gas industry. And that’s a lot of gas. By the American Natural Gas Alliance standards, the amount of royalty-free gas either consumed as fuel or lost by operators would be enough to meet the needs of every household in the State of New York for a year.
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