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General News    H3'ed 10/25/19

Government Loophole Gave Oil Companies $18 Billion Windfall

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'The US government has lost billions of dollars of oil & gas revenue to fossil-fuel companies because of a loophole in a decades-old law-- the first detailed accounting of the consequences of a misstep by lawmakers that is expected to continue costing taxpayers for decades to come. The loophole dates from an effort in 1995 to encourage drilling in the Gulf of Mexico by offering oil companies a temporary break from paying royalties on the oil produced. However, the rule was poorly written, the very politicians who originally championed it have acknowledged, and the temporary reprieve was accidentally made permanent on some wells.'

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I began teaching in 1963,; Ba and BS in Education -Brooklyn College. I have the equivalent of 2 additional Master's, mainly in Literacy Studies and Graphic Design. I was the only seventh grade teacher of English from 1990 -1999 at East Side (more...)
 

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