Richard Pombo is taking good care of our shared assets: the oil shale leases on public lands:
Tucked into a massive energy bill that would open the outer continental shelf to oil drilling are provisions that would slash future royalties owed to the federal government by companies prospecting in Rocky Mountain oil shale deposits.
Sponsored by Rep. Richard Pombo, R-Stockton, and passed by the House earlier this year, the bill would amend an existing requirement that the federal government receive a ``fair return'' from oil companies that hold oil shale leases on public lands. Instead, Pombo's bill would reduce royalties from the customary 12.5 percent of annual revenue to 1 percent.
Cheap at half the price? And how does Pombo justify this move? This is how:
Pombo stands by his provision, a spokesman said.
"The chairman and the majority of the members of the [House Resources] committee feel that it is the right thing to do because it is such a massive resource that it could provide relief for consumers and strengthen our economy," Pombo aide Brian Kennedy said.
Hmm. This guy must go.