15 February 2006

Sacrificing for those who need it more

I'm glad to see that the U.S. government has the largesse of heart to repeal all taxes for oil companies. I don't know about you but I was losin' quite a bit of sleep worrying about how they were going to get by on their mere record-breaking profits. And I'm also glad to hear that the government has stepped forward and given away my joint ownership in public lands for free to the wealthiest sliver of society. Lord knows, I've got no experience in disposing of such wealth. I'm sure you all don't mind giving away your share either. We all have to sacrifice, after all, so that they Cheneys of the world can go shoot tame birds released from pens on private lands:

U.S. Has Royalty Plan to Give Windfall to Oil Companies (New York Times):The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years. New projections, buried in the Interior Department's just-published budget plan, anticipate that the government will let companies pump about $65 billion worth of oil and natural gas from federal territory over the next five years without paying any royalties to the government. Based on the administration figures, the government will give up more than $7 billion in payments between now and 2011. The companies are expected to get the largess, known as royalty relief, even though the administration assumes that oil prices will remain above $50 a barrel throughout that period.

(via Yowling from the Fencepost)

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