US Royalties to Big Oil Give a New ($100 Billion) Meaning to "Black Gold"

onMar 30, 2006 @ 08:45 PST

Incentives for oil and gas companies that drill in the Gulf of Mexico will cost the federal government at least $20 billion over the next 25 years, according to the draft of a Congressional report obtained on Tuesday.

The new estimates, prepared by the Government Accountability Office, also warn that $80 billion in revenue could be lost over the same period if oil and gas companies win a new lawsuit that seeks a further reduction in their royalty payments.

The report, delivered in a private briefing late Monday to House and Senate staff members, startled some of the program’s longtime supporters and infuriated some critics.

The report is the first attempt by a government agency to calculate the soaring costs of a 10-year-old program that was created to encourage deepwater drilling when energy prices were low.

By Ross Gelbspan

Carney Government Knew Carbon Capture Was ‘Very Limited,’ Docs Show

ByGeoff Dembicki

onFeb 20, 2026 @ 06:01 PST

Briefing notes obtained by DeSmog reveal the Carney government had major knowledge gaps about CCS even as it made the technology central to its climate plan.

Series: Mark Carney’s Climate Betrayal

Series: Carney's Climate Betrayal

Analysis

Alberta Separatism Has Always Been About Joining Trump’s America

ByMitch Anderson

onFeb 19, 2026 @ 07:22 PST

Leaders of the Alberta separatist movement are insisting they do not want to become the U.S.’s 51st state, but their actions (and own words) say otherwise.