MORE OIL ROYALTIES ARE OWED
WASHINGTON, DC -- Congresswoman Carolyn B. Maloney (D-NY) announced today that many States are way ahead of the Federl government in collecting unpaid royalties. The Project on Government Oversight in conjunction with Rep. Maloney released a report today which shows that, outside of California, oil companies owe the American public between $400 million and $1.3 billion in unpaid oil royalties since 1985.
Earlier this year, Rep. Maloney held a Congressional hearing on unpaid royalties. At the hearing, Rep. Maloney focused on the $856 million that oil companies owed for their production of oil in California. Maloney urged the Department of Interior to immediately being collecting these unpaid royalties and to look into potential unpaid royalties outside of California. Since oil companies use the same market practices throughout the United States, they probably neglected paying the proper royalties outside of California.