May 032005

AP reports, "a provision in a House-passed energy bill would require federal compensation to private companies for costs associated with oil and gas leases that can’t be developed." Specifically, the provision states that "if a permit denial or some other government action prevents a lease from being explored or developed," taxpayers will be responsible for forking over billions to the oil companies to "compensate" them. This comes at a time when oil industry executives are awash in so much cash from soaring gas prices that they literally don’t know "how to spend the windfall."

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