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US senators press Bush on deepwater royalties
11/26/2007
Forty-three US senators, including five Republicans and one independent, asked US President George W. Bush what steps the administration will take to recover several billion dollars of apparently lost federal deepwater offshore royalties.They sent the Nov. 8 letter following an Oct. 30 ruling by a federal district court in Louisiana that lessees on the US Outer Continental Shelf in the Gulf of Mexico do not need to pay royalties despite oil prices approaching $100/bbl.The lawsuit, Kerr-McGee Oil & Gas Corp. vs. Allred, represents “an apparently successful attempt by the oil industry to overturn the requirement in law that they pay royalties when oil and gas prices are above cert...
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