Saturday, February 11, 2006

Oil Companies Didn't Bother Paying $500 Million In Fees (Chump Change To Them)


By Elaine Meinel Supkis

I warned everyone, having two oilmen from Texas running America=high energy costs and terrible service. Here is yet another tale told of men bold. Refusing to pay up the money owed, the little pittance they pay for bidding on exploring and exploiting natural resources owned by all Americans, they spit in our collective eyes. Unlike Venezuela. Our press spends a lot of time, demonizing Venezuela because the oil money flows to the people there, not like here.

From the NYT:
More than three dozen energy companies fell nearly $500 million behind last year on royalty payments the federal government says they owed for oil and gas extracted from public territory, according to Interior Department documents released Thursday.

While most of that money was later turned over after the government demanded payment, almost $60 million remains in dispute.

The companies, which included major producers like Chevron, Shell and ConocoPhillips, had claimed lucrative government incentives for drilling in the Gulf of Mexico even though the incentives were not supposed to be available if market prices climbed above certain "threshold prices."
They are so rich, they have an army of lobbyists as well as running the state of Texas which is their political base from which they can launch attacks on the rest of America, they are so arrogant, they wrote into the laws all sorts of goodies so they can have their cake and eat us, too, the cannibals.

Flush with money, this triggered a provision in the bills they passed which basically gave them our natural resources for FREE! Now they have to pay a pittance to our government and they didn't bother nor did the GOP Texans ask. This situation was allowed to flow like black gold until recently when the Democrats finally got the nerve to attack these criminals directly, demanding hearings on this and other issues. Suddenly, they had to cough up the money.

This is akin to a cat coughing up a small hairball. Like the cat, hacking away, they made a lot of noise about how this was akin to communism, etc. Finally, they grudgingly passed the bucks and you can bet, they will pass laws changing all this so things revert to them paying nothing again!

Anyone who wonders why America is going bankrupt doesn't have to look very far.

Meanwhile, the Fed needs new members and of course, the "Brownieization" continues. From Bloomberg:
Bush's nomination of the 35-year-old White House aide -- a lawyer by training who would become one of only two members of the Fed's seven-member board of governors without a Ph.D. in economics -- has been greeted by criticism and bewilderment by some former Fed officials and economists. They point to his political connections and inexperience, and say the White House could have found a better-known, more qualified choice.

``Kevin Warsh is not a good idea,'' said former Fed Vice Chairman Preston Martin, who was appointed by Republican President Ronald Reagan in 1982. ``If I were on the Senate Banking Committee,'' which must approve Fed nominees, ``I would vote against him.''
Actually, in my opinion, all the members of this board from retiring Greenspan on down, are all either insane, arrogantly mendicious or just plain out of touch with reality and naive about international politics and, well, maybe we should include historians on that panel?

Actually, a housewife who isn't in debt. Like me! Hey! I'll happily join! Imagine their meetings with me in the room. "We have to kill inflation." Me: "Not by killing the American breadwinner! What you are suggesting is outsourcing even more jobs! Are you insane?" Them: "But free trade is good!" Me: "Are you Chinese? Japanese? Why are you in this room with me? You should go home."

Yeah, right. Well, they are, collectively, the authors of the death of America. Their mindset is set on esvicerating our country fatally and they won't shift their positions until the world shakes them down off their chairs. They have been 100% wrong about everything for a long, long time. Even when Clinton appointed saner people like Rubin to the board and even after he raised taxes and began to balance the budget and things began to look up, even then, our trade deficit with the world continued to worsen.

Even when the world price of oil collapsed when the Soviet Union broke OPEC by undercutting their prices, we ran a trade deficit. Only in the very last year of Clinton running things did the trade deficit really began to improve and much of that was due to oil selling at $12 a barrel. Since Bush took over and Greenspan ran things by himself, everything went haywire and personal and national debts shot through the roof and our trade deficit shot up to amazing levels, we went from near zero trade deficit pre-Hubbert Oil Peak in America to a mere $10 billion deficit in the Carter era, due entirely to importing oil which he fretted about and our media screamed about the trade deficit, even under Clinton, the deficit in trade wasn't that hideous, under $100 billlion a year, under Bush, the climb has been very, very steep. From less than $100 billion to nearly a trillion dollars in just five short years!

Why hasn't the Fed resigned, enmass, in disgust? Why do they cooperate with the Japanese/American corporate conspiracy to dump all inflation into Japanese vaults using fake IOUs? Why do they pretend they are damping down inflation by using interest rates when this isn't happening at all? Why can't they analyze and critisize their boss?

Hahaha. They won't. They will rubber stamp whatever schemes our present rulers concoct and keep a zipped lip since they are all academics who get showered with goodies and praise if they put their collective OK on obvious criminal actions that are betraying America to former enemies, future enemies.

Sigh. Arrest them all. Like John Law who went to France, sold the corrupt and venal royalty on goofy get rich schemes and then everything went bankrupt.
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