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 Week in Public Finance: Traffic Cam Drama, Retiree Healthcare and Another D.C. Shoutout18 hours ago
If Low Oil Prices Persist, North Dakota Could Lose Billions1 day ago
The 2014 Takeaways from State and Local Finance1 day ago
Vermont Drops Plan to Become First State with Single-Payer Health Care2 days ago
Washington Governor Proposes Cap-and-Trade System to Fund Transportation2 days ago
Even with Stock Market's Rise, Many Pensions Haven't Recovered from Recession3 days ago