Political Quotes

“I want to brief the Senate on an issue that is gaining steam in my home State of California, because, if it is resolved, it will result in about $80 million going directly into the school system in California to help the children there. This issue involves the underestimation by oil companies of royalties that they owe the Federal Government from crude oil that they have pumped. They have underestimated these royalties and have been sent a bill by the Department of the Interior, and they have not yet paid. At this point the amount owed is $385 million. We expect it will go up to $440 million. Ten oil companies, the largest one being Shell, have been sent their bills. Shell Oil's bill is over $100 million. Those funds will go to the U.S. Treasury, and then a portion of those funds will go to the States in which the oil was pumped. California is the place where most of that oil comes from; and California will get between $75 and $80 million from the Federal Government when those funds are collected. In California we have a law that the royalties all go to the State Schools Fund. I really hate to see years of protracted litigation, Mr. President, on this matter. The oil companies are not cooperating. Many of them have refused the subpoenas. They are disregarding the subpoenas sent to them. The Justice Department is now involved. I hope that instead of being deadbeat oil companies, they will pay up.”