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.
Join the Discussion
After you comment, click Post. You can enter an anonymous Display Name or connect to a social profile.
LATEST FINANCE HEADLINES
New York Joins Flow of States Making Tampons Tax-Free1 day ago
The Week in Public Finance: Hot Munis, Cooling Off Creditors and Warming Up to Facebook1 day ago
Washington Superintendent Sues 7 School Districts and the State3 days ago
Pennsylvania Hikes Cigarette Tax But Stays Last-Standing State With Tax-Free Cigars3 days ago
Is Kurt Summers the Future of Chicago Politics?4 days ago
Chicago's 2016 Olympics Bid Leaves Pricey Legacy 7 Years Later4 days ago