U.S. senators seek probe into royalties on coal exports

[Mr. H.]

So your idea of sound business practices is to bilk citizens and taxpayers out of out of their fair share of the publically owned resources of the nation and then having them pick up the tab for the damages caused by dumping the emissions from those stolen resources into the atmosphere?

That is why there is a need for public regulation and oversight of the business world. Some individuals just don't get the idea of responsibility and fair business practices.

I'm still waiting for more details on these coal policies "meant to keep domestic power cheap and abundant".

Coal is cheap and abundant because natural gas is cheap and abundant.

Where's the bilk? The fact that a business takes its private property to another market, makes a profit, and doesn't "share" it with your sorry liberal ass?

Stolen resources?

No, the "bilking" comes from the same crony capitalist thinking that always strives to bend and break rules whenever they think they can to steal whatever think they can get away with to stoke their greed.

The lease agreements specify that the coal companies leasing the rights to recover the coal will pay royalties based upon the price for which the coal is sold. The companies which are under investigation have only paid royalties based upon the US market value of the coal (which is rock bottom due to the surge of the cheap natural gas market) instead of the asian market value (which is sky-high) which is where these companies are actually selling the coal. This is stealing from the American public, and it amazes me that you find this to be "good business."

..."We are committed to collecting every dollar due," said Patrick Etchart, spokesman for the Office of Natural Resources Revenue, which collects federal royalties...
...Paying royalties calculated on the net-back formula for Asian exports from Wyoming and Montana rather than on the benchmark domestic price would have yielded around $40 million in additional revenue for the government last year alone, according to data from Goldman Sachs and other analysts, and figures from the U.S. Energy Information Administration.
Extended to the last few years of increased Asian demand, that total could exceed $100 million in forgone royalties. The sum could balloon into billions of dollars if mining giants are allowed to ship 150 million tons of coal a year or more through the Pacific Northwest, as the industry wants...

Asia coal export boom brings no bonus for US taxpayers - Open Channel

​

This from an independent news source investigation of limited scope, the bipartisan congressional investigation will have greater ability to identify and prosecute the criminals and recovery the monies owed to the US public.

Well, from how I'm reading the article there's nothing going on other than you complaining that it's somehow "unfair". The coal companies are complying by the terms of the lease agreement. There is no "net-back" provision.

At least those coal mines are still open, and people remain employed.

 

[Trakar]

Well, from how I'm reading the article there's nothing going on other than you complaining that it's somehow "unfair". The coal companies are complying by the terms of the lease agreement. There is no "net-back" provision.

Given the fact that the article mentions the Senators requests for an investigation and all the comments by the Office of Natural Resources Revenue, the assessments by current and former regulators, DOJ attorneys, and the various other mining lease experts who are quoted in the article, it isn't my complaining or understanding these companies need to worry about.

FOX Business - Exclusive: Senators seek probe into royalties on coal exports | Fox Business

"If any violations of the law have occurred, companies should be required to cure any gap in royalty payments and, if misconduct has occurred, civil penalties should be levied," a letter from the lawmakers sent on Thursday to Interior Secretary Ken Salazar reads.
Congress' investigative arm, the Government Accountability Office, is examining the federal coal program. The Department of the Interior also has an existing investigation."

 

[Mr. H.]

I agree. The law will out. In the meantime quit your whining, you anti-hydrocarbon liberal sop.

 

[Mr. H.]

*booze talkin'*

Trakar, go piss up a rope. Fuck off you left wing son of a pissing whore.

 

[Trakar]

I agree.

no problems then

The law will out. In the meantime quit your whining, you anti-hydrocarbon liberal sop.

I have been known to rant occassionally, but whinning is a conservatove trait. I've very little against hydrocarbons, I'm all about organic chemistry. I just don't believe in pulling them out of the geological vaults they are sequestered in and dumping the carbon into our active carbon cycle in volumes that significantly alter their concentration in our atmosphere.

"liberal" however, has been known to start fights, the only political perspective I dislike more than conservidiots are libtards.

Political orientation chart

Liberal
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Conservative - - - - - -| - - - - - - Progressive
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Libertarian​

My political views fall somewhere in the lower right hand quadrant - depending upon the specific topic. I suspect that you would fall somewhere in the lower left hand quadrant. Judging by his actions, Obama falls in the upper left hand quadrant.​

But enough politics, we can discuss that on the other board if you like.​

 

[westwall]

Trakkar s0n..........you have some significant OCD stuff going on. How many threads is it you started today? 9? 10? When you make 100 posts/day about global warming, you got issues. Google "Effexor XR" and check it out.......discuss it next time you see your physician. Trust me........you'll enjoy life alot more. Trust me......Im in the field and can see it from 1,000 miles away.


Obsessive Compulsive Disorder falls under the umbrella of depression. Dollar to 1,000 stale donuts you have some in your family line. Invariably, its genetic.

It's called diarrhea of the forum. It aflicts cut and pasters and other drones of low education.

 

[Trakar]

Trakkar s0n..........you have some significant OCD stuff going on. How many threads is it you started today? 9? 10? When you make 100 posts/day about global warming, you got issues. Google "Effexor XR" and check it out.......discuss it next time you see your physician. Trust me........you'll enjoy life alot more. Trust me......Im in the field and can see it from 1,000 miles away.

Obsessive Compulsive Disorder falls under the umbrella of depression. Dollar to 1,000 stale donuts you have some in your family line. Invariably, its genetic.

It's called diarrhea of the forum. It aflicts cut and pasters and other drones of low education.

There goes that projection issue again, did you miss your meds today?

 

[Mr. H.]

Well, from how I'm reading the article there's nothing going on other than you complaining that it's somehow "unfair". The coal companies are complying by the terms of the lease agreement. There is no "net-back" provision.

Given the fact that the article mentions the Senators requests for an investigation and all the comments by the Office of Natural Resources Revenue, the assessments by current and former regulators, DOJ attorneys, and the various other mining lease experts who are quoted in the article, it isn't my complaining or understanding these companies need to worry about.

FOX Business - Exclusive: Senators seek probe into royalties on coal exports | Fox Business

"If any violations of the law have occurred, companies should be required to cure any gap in royalty payments and, if misconduct has occurred, civil penalties should be levied," a letter from the lawmakers sent on Thursday to Interior Secretary Ken Salazar reads.
Congress' investigative arm, the Government Accountability Office, is examining the federal coal program. The Department of the Interior also has an existing investigation."

If and If. BTW Sleazazar has bugged out. Your loss- our gain.

Tell your butt buddies to read the fine print next time. The joke is on you and yours.

Minerals extraction is and always has been a contractural agreement.

And I will once again iterate... coal mines are operating, Americans are employed, coal is being sold, and your precious Liberal government is still getting its revenues.