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
The Myth vs. the Truth About Regulating Payday Lenders1 day ago
College Savings Accounts Are Popular But Missing Their Marks1 day ago
Maine Has Record $1 Billion in the Bank, But at a Cost to Many4 hours ago
The Week in Public Finance: Pensions Protest Bathroom Bills, a Billion-Dollar Showdown in Kansas and More3 days ago
The Real Price of College3 days ago
New York's First-in-Nation Cyber-Regulations to Take Effect March 14 days ago
Contract Surety 101