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Trump Allows Oil Companies to Slash Their Own Royalty Rates to 0.5% of Revenues From Drilling on Public Lands

Originally published at http://www.commondreams.org/news/2020/05/22/trump-allows-oil-companies-slash-their-own-royalty-rates-05-revenues-drilling-public

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Every royalty dollar paid that goes back into the Western States’ economies generates multiple dollars as it goes on to be exchanged in multiple transactions from hand to hand – jobs, food, goods, etc. In contrast, every dollar banked by the oil company, not paid, generates less than it’s value to the economy, as it sits there doing nothing but earning interest that barely keeps pace with inflation.

If you were actively trying to damage the economy, a good way would be to eliminate royalty payments.

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If only there was some way that I could stay at a tRump hotel then pay them 5 cents for every dollar they charge.

Vote Trump, Moscow Mitch, and enough of the organized crime syndicate disguised as the US Senate another term and watch royalties paid by oil companies get eliminated completely with taxpayers starting to pay royalties to the oil companies.

The conservative rape and plunder of America continues.

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I’d be outraged, but, I have no expectations that Biden Schumer and Pelosi would change that if they had the chance.

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I wish that you would of reminded us all of what the oil/gas/coal industries have also got from us taxpayers? It never hurst to repeat and repeat as that is how republlicans make lies become truths. Don’t us progressive and dems learn anything?

Isn’t there annual subsidies? didn’t these industries receive bail out money at the beginning? Is the Fed assisting them also?

Who pays the clean up after these companies leave these sites? Who pays for leaks in the pipelines? Who pays for the rail cars that turn over on private and public land and destroy eco systems?

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yep, annual subsidies and Bailouts

What a racket

As long as the Fed’s money bazooka keeps firing billions, a large portion of the investor class will keep on done that road leading back to their champagne, caviar and confetti. Taibbi Whose money is being used to load that bazooka?

Further permission to steal from the people while destroying the planet through fossil fuels. Sigh!

Shoveling money at the top will do nothing for the millions who can’t pay their mortgages, who are about to default on their student loans, credit card debt, and auto loans. Isn’t allowing corporations to fail one of the first regulatory rules of capitalism because it fixes problems?

“Between April 30 and May 18, BLM offices approved 76 requests by companies for lower royalty rates, with some requesting 0.5% or 0.0%.”
Really! Well, I too am struggling - tho gas may be cheaper, everything else is not! Incomes are held down & unemployment for millions more. We, the American People, that this greedy, bullshit gov’t is supposed to work for (they forgot that part), WE are hurting, dying & suffering thru no fault of our own & WE actually PAY TAXES! Our hard-earned taxes pay for these imbeciles who are running this Country (into the ground!). They are running it for the benefit of everyone BUT the American working class people & that will not change anytime soon.
So, the oil & gas rapists, who profit mightily off the rape & pillage of OUR LAND & use their money to fight against what is best for us all ~ they now get to decide how much they will pay on royalties (a tax of sorts). No surprise then, that they choose rates of 0.5% & 0.0%. This is ON TOP OF all the bailout money that was just handed to them.
I have had enuff of this shit! So, I have decided that I too, shall choose my tax rate this year. I was tempted to choose 0.5%, as they did ~ since apparently that’s acceptable amount to this Administration from those who can well afford to pay so much more. (Deficits be damned, right?) This gov’t does so much more for such mega-corporations & industries than it does for any of us “real people” that if taxes were based on representation, we’d all be paying $0 & wealthy could alone support this waste of a gov’t!
But, in sense of fairness & generosity, I’ve decided that my tax rate this year will be a whopping 2%. That’s right, 2% of my income will be paid in taxes to this piece of shit gov’t that’s hellbent on bankrupting this Country. It’s more than they deserve!
There’s NO REASON why oil & gas should be the only ones choosing how little they will pay, on top of other breaks they’re given at every step of the way. They are not better than the rest of us! We should all get to choose how much we will pay! If I make more, they get more.
2% of “more”.
That’s IF I survive this Covid-19 that said gov’t has turned from a medical crisis, into a major catastrophe.