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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (756346)	12/22/2006 3:09:49 PM
From: DuckTapeSunroof	Respond to of 769670

...After repeated requests the Interior Department provided The New York Times with a copy of its study on the effects of governmental incentives to oil drillers; the study suggests the government is getting very little for its money. Current inducements could allow drilling companies in the Gulf of Mexico to dodge tens of billions of dollars in royalties for oil and gas produced in areas that belong to American taxpayers. Robert Speir, an energy analyst who worked on the report: "If they took that money, they could buy a whole lot more oil with it on the open market." Analysts who compare worldwide oil policies said the U.S. was exceptionally generous, demanding a small share of revenues from companies that drill on public lands and in public waters, and has even sweetened some of its incentives in recent years, while many other countries demanded a bigger share of revenues. ...The report predicts that current incentives would lead to only 1.1% more reserves than without them. Analysts aren't surprised: The royalty incentives are small money when compared with the money at stake in changes of market pices. The cost to taxpayers? About $48 billion less in royalty payments from 2003-2042.