• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 5 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 1 min A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 5 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 31 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 12 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 18 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 3 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 18 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 16 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 11 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 10 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
The 5 Hottest Gold Stocks Of 2019

The 5 Hottest Gold Stocks Of 2019

Bullish signs are mounting for…

Lebanon’s High Risk Offshore Oil & Gas Boom

Lebanon’s High Risk Offshore Oil & Gas Boom

Lebanon is preparing itself to…

Coal Leasing on Public Lands Deprives Taxpayers of Millions

A new report from the U.S. Government Accountability Office (GAO) found that the U.S. government has failed to ensure that coal companies pay the fair market value when paying for leases. The result is a loss of millions of dollars of revenue for the U.S. Treasury and a windfall for coal companies.

The federal government owns vast swathes of land, particularly in the west, which hold huge reserves of hard rock minerals as well as coal, oil, and natural gas. The Bureau of Land Management (BLM) is responsible for leasing out tracts of public lands to coal companies for mining and BLM is expected to calculate the fair market value when determining how and which bids to accept.

Related article: Coal Industry in Structural Decline

However, the report concludes that BLM often only looked at past sales to determine how much value coal might garner on the open market, not future values. BLM at times accepted bids that came in below what they considered the fair market rate. Also, BLM often failed to consider the value of the export market, and with the U.S. coal increasingly finding receptive markets overseas, BLM’s calculations have forfeited millions of dollars for the U.S. taxpayers. Finally, the report found that most of the auctions that BLM holds have only a single bidder, in what is supposed to be a competitive process.

The report was requested by then-Congressman Ed Markey – now a Senator from Massachusetts – who called for a suspension of the coal-leasing program in light of the GAO report. Environmental groups called for a radical overhaul of the process while the National Mining Association played down the report’s findings as minor flaws in a program that otherwise works well. According to Tommy Boudreau, Acting Assistant Interior Secretary for Lands and Minerals Management, BLM is already working to correct the problems in its leasing program.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play