Report: Frackers Cheating Pennsylvania Out of Billions
Manipulation of costs and other data by oil companies is keeping billions of dollars in royalties out of the hands of private and government landholders, an investigation by ProPublica has found.
From Pennsylvania to North Dakota, a powerful argument for allowing extensive new drilling has been that royalty payments would enrich local landowners, lifting the economies of heartland and rural America. The boom was also supposed to fill the government’s coffers, since roughly 30 percent of the nation’s drilling takes place on federal land.
Over the last decade, an untold number of leases were signed, and hundreds of thousands of wells have been sunk into new energy deposits across the country.
But manipulation of costs and other data by oil companies is keeping billions of dollars in royalties out of the hands of private and government landholders, an investigation by ProPublica has found.
We invite you to discuss and comment on this article using social media.
LATEST FINANCE HEADLINES
The Week in Public Finance: Ballmer's Data Trove, Grading Pension Health and a New Muni Bond Threat2 days ago
When Students Take Out Loans, Some States Do the Math for Them4 days ago
As the Clock Ticks, Senate Stalls on State-Run Retirement Plans4 days ago
Is It Time to Adopt a Less-Is-More Approach to Community Development Block Grants?5 days ago
Can We Tax Away the Opioid Crisis?6 days ago
Calling the Budget 'Bull-You-Know-What,' West Virginia Governor Vetoes It1 week ago
Crash Course in Fidelity Bonds