Don't Pity The Oil Majors
Paul Craig Roberts' column, "Why big government should stop picking on Big Oil" (Economic Viewpoint, Mar. 10), was shockingly short on facts. Mr. Roberts asserts that "critics of Big Oil" have pushed the government to "change the rules" in order to "squeeze more tax revenues out of the oil companies."
In fact, the changes close a loophole in the federal regulations so that oil companies pay what they owe for the right to produce and profit from crude oil owned by the public.
Land owners that lease oil-drilling rights across the country are already pursuing their uncollected royalties--from states, countries, and cities. Crude oil producers have been underpaying the royalties they owe by making payments based on an artificially low crude oil price.
Project on Government Oversight