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I'd say that $7500/vehicle isn't even close to leveling the playing field, yet.No, we should look at the $7500 and possibly more subsidized by taxpayers that you call a profit.
The United States Deep Water Royalty Relief Act (DWRRA) implemented a royalty-relief program that relieves eligible leases from paying royalties on defined amounts of deep-water petroleum production over Federal Outer Continental Shelf lands. After its expiration in 2000, the DWRRA was redefined and extended to promote continued interest in deep water. The Minerals Management Service (MMS) defines a "deep-water" lease as having a minimum water depth of 200 meters (656 ft).
https://en.wikipedia.org/wiki/Deep_Water_Royalty_Relief_Act
The most common incentives for offshore oil and gas development include various forms of royalty relief. The Outer Continental Shelf Lands Act (OCSLA) authorizes the Secretary of the Interior to grant royalty relief to promote increased oil and gas production (43 U.S.C. 1337). The Deep Water Royalty Relief Act of 1995 (DWRRA) expanded the Secretary’s royalty relief authority in the Gulf of Mexico outer continental shelf (OCS).
Controversy over royalty relief currently focuses on the lack of price thresholds in Minerals Management Service (MMS) OCS lease sales held in 1998 and 1999. Without the price thresholds, deepwater producers continued to benefit from royalty relief, even as oil prices hit record levels. In an unresolved issue over the Secretary of the Interior’s authority and discretion to impose price thresholds, the Department of the Interior asserts that the Secretary of the Interior is not required to impose price thresholds in each lease (but has the discretion to do so). All lease sales held since the enactment of DWRRA included price thresholds, except those held in 1998 and 1999. According to the MMS and the Government Accountability Office (GAO), omitting price thresholds for those two years could cost the federal government as much as $10 billion.
http://fpc.state.gov/documents/organization/110359.pdf
Whoops! We all remember the MMS, right? So apparently, in 1998-99, the folks at the MMS were too busy flirting with each other, or accepting private-jet rides to college football games, or whatever, to notice that the price of oil had gotten pretty high and they shouldn't be handing out free leases anymore. As a result, 24 companies got free leases they shouldn't have gotten. And ever since, they've been making extra money that they really ought to be returning in the form of leases on public property to the American taxpayer. As of 2008, the bill came to $1.3 billion; this year, the losses will be $1.5 billion. Over the decades-long lifetime of the wells it'll add up to a lot more. According to the Government Accountability Office it'll come to $53 billion over the next 25 years. Last week, representative Ed Markey and a few other Democrats on the House Natural Resources Committee offered an amendment to the Republican budget bill to make those oil producers pay the standard amount in the future on the royalty-free leases they mistakenly received due to bureaucratic error. The amendment was voted down, 251-174.
Oil royalties: Giving away government money accidentally on purpose | The Economist
Any more myopic, skewed, or otherwise biased/prejudiced opinions???
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