Sean Patrick Maloney: “I offer this amendment in an attempt to stop giving corporate welfare to America's oil companies. This amendment simply…”

“I offer this amendment in an attempt to stop giving corporate welfare to America's oil companies. This amendment simply clarifies that royalty-in-kind must earn at least as much money for the Federal Government as a royalty-in-value program operating under the new rules put in effect last year. For too long, major oil companies were paying fees to the Federal Government based on prices that were lower than market value. Basically the oil companies kept two sets of books; one which they paid each other based on market value, and one which was much lower that they paid to the Federal Government and the American taxpayers. Now, it is one thing for oil to be slick; it is quite another for oil companies to be slick at the expense of the American taxpayer. Our hearings showed that many of these companies were underpaying fees, costing the American taxpayer nearly $100 million a year. Many companies were sued by the Federal Government for deliberate underpayment of fees. Most have elected to settle, and to date over $425 million has been collected.”