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Diane Publishing Books
Oil and Gas Resources: Actions Needed for the Department of the Interior to Better Ensure a Fair Return
Frank Rusco (au)
In FY 2012, companies received over $66 billion from the sale of oil and gas produced from federal lands and waters, and they paid $10 billion to the federal government for developing these resources according to the Dept. of the Interior (DOI). The federal government seeks a fair return on its share of revenue from leasing and production activities on federal lands and waters through the federal oil and gas fiscal system under which companies pay royalties, rents, and other payments and taxes on profits from the sale of oil and gas produced from federal leases. In 2007, GAO found that the government received one of the lowest percentages of value of oil and gas produced in the world. In 2008, GAO found that DOI had not evaluated the federal oil and gas fiscal system for over 25 years and recommended that a periodic assessment was needed. This report examines steps DOI has taken to ensure the public receives a fair return on oil and gas resources since 2007. Tables and figures. This is a print on demand report.
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