Welfare's bad, unless it's for rich people

It's about time someone in the federal government threw a bone to our nation's struggling oil industry.

Government may waive near $7 bln in oil, gas royalties: report
Tue Feb 14, 2:13 AM ET

NEW YORK (Reuters) - The government may waive up to $7 billion in royalty payments from companies pumping oil and natural gas on federal territory in the next five years, the New York Times reported on Tuesday, citing administration officials and budget documents.

The royalty relief would amount to one of the biggest giveaways of oil and gas in U.S. history, even though the administration assumes oil prices will remain above $50 a barrel throughout that period, the Times report said.

The report cited estimates in the Interior Department's recent budget plan that would allow companies to pump about $65 billion in oil and natural gas without paying royalties.

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