Mr. H.
Diamond Member
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."
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.Asia coal export boom brings no bonus for US taxpayers - Open Channel..."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...
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.