TV News LIES

Friday, Oct 31st

Last update05:45:03 AM GMT

You are here News Economy Interior Dept. sloppiness costs U.S. billions

Interior Dept. sloppiness costs U.S. billions

E-mail Print PDF

Royalties from the energy industry are an important source of revenue for the U.S. government. But regulatory mismanagement means much goes uncollected, a GAO report finds.

The sex and drugs scandal revealed earlier this week at the Interior Department may be just the start.

A Government Accountability Office study set for release Friday says the department lacks basic procedures for monitoring the oil industry, and that these shortfalls could be cheating taxpayers out of billions of dollars in revenue. CNN received a draft of the report on Thursday.

The department's failure to consistently check oil-company supplied production data, the report found, "raises questions about the accuracy of royalty payments."

"This report shows that the U.S. has one of the most lenient royalty collection systems in the world and calls into question whether taxpayers are getting a fair return for the resources they own," said Rep. Nick Rahall, D-West Virginia and chairman of the House Natural Resources Committee.

TVNL Comment: Mismanagement? Nonesense. This is criminal behavior that can be traced directly to the electoral coup conducted in 2000. This is the result of Cheney's secret energy policy meetins and an administration comprised of oil cartel members.

More...


Most Recent Related Stories...


One-Fifth of Detroit's Population Could Lose Their Homes

Detroiters to lose homesEvone Brown, a 55-year-old former machine operator, survives on $850 a month from retirement and disability...

Yellen says US experiencing widening inequality

Janet YellenFederal Reserve Chair Janet Yellen said Friday that the last several decades have seen the most...

Hundreds Give Up U.S. Passports After New Tax Rules Start

New tax lawsThe number of Americans renouncing U.S. citizenship increased 39 percent in the three months through September...

Banks accept derivatives rule change to end 'too big to fail' scenario

London financial districtThe $700 trillion financial derivatives industry has agreed to a fundamental rule change from January to...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!