Monday, October 16, 2006

Richard Pombo: Working Hard As Ever To Protect Record Oil Company Profits

Pombo Wants Taxpayers To Subsidize Big Oil While Already Paying Big At The Pump.
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LA Times: Energy Bill Is a Boon to Oil Companies
Legislation OKd by the House would encourage extraction of oil shale in the Rockies by slashing royalties paid to the federal government.
(source)

"Tucked into a massive energy bill that would open the outer continental shelf to oil drilling are provisions that would slash future royalties owed to the federal government by companies prospecting in Rocky Mountain oil shale deposits.

Sponsored by Rep. Richard W. Pombo (R-Tracy) and passed by the House earlier this year, the bill would amend an existing requirement that the federal government receive a "fair return" from oil companies that hold oil shale leases on public lands. Instead, Pombo's bill, modeled after a Canadian law, would reduce royalties from the customary 12.5% of annual revenue to 1%.

Further, the bill could cut the reduced rate by as much as 80% if the price of oil fell. Over many years of oil production, the royalty discounts could amount to tens of billions in lost federal receipts, said James T. Bartis, an analyst at the Rand Corp. who wrote a widely used study of the economic prospects of the developing oil shale industry. The provision would benefit the energy industry, which is a heavy contributor to Pombo's reelection campaign.

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Direct contributions from energy and natural resource companies account for about 10% of donations to Pombo's current reelection campaign...Exxon Mobil and Chevron have contributed $10,000 and $9,000, respectively, to Pombo's campaign." (more-at-source)

1 Comments:

Blogger Antenners said...

san jose mercury has fully endorsed mcnerney:

Republicans should give Pombo the boot
Mercury News Editorial
There are times when voters realize the best thing they can do in a race is to hold their noses and vote for their party's candidate.

In the 11th Congressional District race involving Richard Pombo, Republican voters must avoid that temptation. Instead, they should cast their ballots for Democrat Jerry McNerney.

Pombo, the seven-term congressman from Tracy, will take delight in proclaiming that we oppose his re-election because we don't like his radical views that call for eviscerating smart environmental laws.

He's right.

But the case for why Democrats and Republicans should support McNerney's candidacy in the sprawling 11th Congressional District goes far beyond Pombo's desire to sell off national parks, drill for oil off the Pacific Coast and make the Endangered Species Act extinct.

Pombo is a national disgrace to the Republican Party. His unseemly connections to scandal-ridden lobbyist Jack Abramoff should be an embarrassment to all Republicans. A Washington watchdog group, Citizens for Responsibility and Ethics, put him on its list of the 13 most corrupt Republicans and Democrats in Congress. And his questionable connections to oil companies, gambling interests and mining companies have been well documented.

It's past time that mainstream Republicans let Pombo know there isn't a place for his kind of politics in their Big Tent.

http://www.mercurynews.com/mld/mercurynews/news/opinion/15770706.htm

6:03 AM  

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