Energy Bill Is a Boon to Oil Companies

Tucked into a massive energy bill sponsored by Rep. Richard W. Pombo (R-Calif.) and passed by the House earlier this year are provisions that would open the outer continental shelf to oil drilling and slash future royalties owed to the federal government by companies prospecting in Rocky Mountain oil shale deposits. Pombo's bill would reduce royalties from the customary 12.5% of annual revenue to 1%.

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