How come US Citizens Can't Share in Oil Revenues???

[Benjamin NutnYahoo]

How come US Citizens Can't Share in Oil Revenues like countries in the Middle East. How come oil companies get to pull oil out of the US soil even on Federal land that Citizens pay taxes on yet we get no proceeds from it like ME countries? Where is our cut?

[TexasGranny]

They do in Alaska - thanks to Sarah Palin - you know, the one the media likes to make fun of as being stupid!

[TPSprayduster]

How come US Citizens Can't Share in Oil Revenues like countries in the Middle East. How come oil companies get to pull oil out of the US soil even on Federal land that Citizens pay taxes on yet we get no proceeds from it like ME countries? Where is our cut?

Not going to work here sir, It's business, the energy company's won't give up those billions LOL.

[TexasGranny]

Not going to work here sir, It's business, the energy company's won't give up those billions LOL.

It works in Alaska - why not in the lower 48 if we had someone in government that knew how to negotiate the deal.

[Mongo]

How come US Citizens Can't Share in Oil Revenues like countries in the Middle East. How come oil companies get to pull oil out of the US soil even on Federal land that Citizens pay taxes on yet we get no proceeds from it like ME countries? Where is our cut?

Well.......when JFK said "Ask not what your country can do for you, but what you can do for your country" your oil royalties flew out the window. But you can get a permit to drill in your back yard, I mean look what happened with jed Clampett.... shoot into the ground with your muzzleloader, you might get lucky

Edited March 18, 2012 by Mongo

[thatoneguy]

It works in Alaska - why not in the lower 48 if we had someone in government that knew how to negotiate the deal.

I think that someone you speak of understands that they'd be on the side of a milk carton as soon as capital hill and the white house got wind of their intentions.

[crusher]

I think you also have to have the mineral rights to the actual land you own. Other wise I dont think you are entitled to whats underground.

[BigFrankD]

They do in Alaska - thanks to Sarah Palin - you know, the one the media likes to make fun of as being stupid!

What you're referring to is called the PFD, and has been around since 1976, when Palin was 12 years old.

[Luigi1]

How come US Citizens Can't Share in Oil Revenues???

Ask any Republican.

[BigFrankD]

It works in Alaska - why not in the lower 48 if we had someone in government that knew how to negotiate the deal.

It wouldnt be worth it for the US as a whole. It works in the ME (and AK) because both have lots of oil and relatively few people. Once you included all the states in the US that have lots of people but little or no oil, it'd be something useless like everyone in the US gets 112 dollars or something.

Like Kuwait. They produce almost 1/3 as much oil as the US, but have less than 1/100th the population. That means a lot of oil (and hence a lot of money) per person.

[stonewall67]

How come US Citizens Can't Share in Oil Revenues???

Ask any Republican.

I'm a republican and I'm also in the oil and gas biz.... Alaska shares oil revenues on state owned lands. The state does not have any right to minerals owned on private lands outside of taxes charged to those landowners or mineral owners. Alaska has a high percentage of lands owned by either the federal government or the state and because of this, the revenues from production values are such that Governor Palin was able to meet budget requirements and still have enough left over to disperse to the citizens of Alaska.

As for the lower 48, the biggest percentage of property in oil producing States are privately owned. In order for the government to share the revenues, they would have to steal it from those who own it....... don't think that cant be done..... think eminent domain..... as socialism grows, the need to fund programs and handouts will grow and the government could seize mineral rights for the benefit of the whole......

[Luigi1]

I'm a republican and I'm also in the oil and gas biz.... Alaska shares oil revenues on state owned lands. The state does not have any right to minerals owned on private lands outside of taxes charged to those landowners or mineral owners. Alaska has a high percentage of lands owned by either the federal government or the state and because of this, the revenues from production values are such that Governor Palin was able to meet budget requirements and still have enough left over to disperse to the citizens of Alaska.

As for the lower 48, the biggest percentage of property in oil producing States are privately owned. In order for the government to share the revenues, they would have to steal it from those who own it....... don't think that cant be done..... think eminent domain..... as socialism grows, the need to fund programs and handouts will grow and the government could seize mineral rights for the benefit of the whole......

What works for AK may not work for the rest of the nation. AK has a small population with huge resources.

[Blondie121]

Because WE pay the oil companies - they don't pay Us! Somehow I think we have that backwards.

Suggestions anyone - Oops in this crowd perhaps I should not ask that question!

[TAV]

How come US Citizens Can't Share in Oil Revenues like countries in the Middle East. How come oil companies get to pull oil out of the US soil even on Federal land that Citizens pay taxes on yet we get no proceeds from it like ME countries? Where is our cut?

I believe that's what the fracking is all about. Energy companies are paying people and x amount of dollars to drill in their yards for natural gas and oil. It is being done here.

[TexasGranny]

What you're referring to is called the PFD, and has been around since 1976, when Palin was 12 years old.

No what I am referring to is ACES - passed in 2007 while Sarah Palin was Governor. The previous law was

allowing the oil companies and elites to make a profit while closing out the citizens of Alaska - which was

against their constitution. Citizens of Alaska now receive payments based on oil revenue.

[TAV]

http://www.time.com/time/video/player/0,32068,876880045001_2062814,00.html

http://www.time.com/time/video/player/0,32068,876880045001_2062814,00.html

check out the video^^^^^^^^^^^^^^^^ Edited March 19, 2012 by TAV

[stonewall67]

I believe that's what the fracking is all about. Energy companies are paying people and x amount of dollars to drill in their yards for natural gas and oil. It is being done here.

Fracking is a process of fracturing the rock formations deep in the earths crust in order for those formations to yield the trapped gas and oil they contain........ Typically these fractures are caused by a hydraulic process of pushing water, sand's, ceramics or other material at such high pressures that the rock formations crack.....

Edited March 19, 2012 by stonewall67

[Heavyduty053]

If you think that the United States does not have enough oil here under this land you are very well wrong. Oil wells throught out Texas and Oklahoma and many mores places have been drilled , hit, and capped off and now lays dormant and has for 40 years because in the 1970's the deals were cut with the saudis to buy buy buy. There is enough oil under the ground and under the ocean right here to serve us for hundreds of years. Don't let no one fool you. As for our share of oil wealth..... Question:: Can you take candy away from a child after you gave it to him without him throwing a fit. Wall St, Big Oil and our govt is and always been in bed with each other.

Edited March 19, 2012 by Heavyduty053

[speculatorsRIDE]

If you think that the United States does not have enough oil here under this land you are very well wrong. Oil wells throught out Texas and Oklahoma and many mores places have been drilled , hit, and capped off and now lays dormant and has for 40 years because in the 1970's the deals were cut with the saudis to buy buy buy. There is enough oil under the ground and under the ocean right here to serve us for hundreds of years. Don't let no one fool you. As for our share of oil wealth..... Question:: Can you take candy away from a child after you gave it to him without him throwing a fit. Wall St, Big Oil and our govt is and always been in bed with each other.

Not hundreds of years, but, thousands of years. The earths crust is floating on an ocean of oil. The question becomes how deep are we willing to drill for it? No matter who you are or where you are, you will always have oil beneath your feet. Don't believe it? Do some research on Russian deep wells.

[mrwhitewolf69]

It's called greedy people

take what you can and give nothing

if they do give something it's to benefit them not us

[BigFrankD]

No what I am referring to is ACES - passed in 2007 while Sarah Palin was Governor. The previous law was

allowing the oil companies and elites to make a profit while closing out the citizens of Alaska - which was

against their constitution. Citizens of Alaska now receive payments based on oil revenue.

Noooooo, ACES just modified (slightly, to be honest, it's really just a combination of the two different ways they were previously taxes) how the oil companies were taxed. The tax change probably contributed to a larger payment in 07 than it would have been otherwise, but it was nothing new.

Alaskans do not recieve payments from or because of ACES, they recieve payments from the PFD, which has been happening since 1976. I know, because I live here.

[Tirebiter]

I'm a republican and I'm also in the oil and gas biz.... Alaska shares oil revenues on state owned lands. The state does not have any right to minerals owned on private lands outside of taxes charged to those landowners or mineral owners. Alaska has a high percentage of lands owned by either the federal government or the state and because of this, the revenues from production values are such that Governor Palin was able to meet budget requirements and still have enough left over to disperse to the citizens of Alaska.

As for the lower 48, the biggest percentage of property in oil producing States are privately owned. In order for the government to share the revenues, they would have to steal it from those who own it....... don't think that cant be done..... think eminent domain..... as socialism grows, the need to fund programs and handouts will grow and the government could seize mineral rights for the benefit of the whole......

Exactly. +1 for the factual answer.

[Blu Collar Guru]

How come US Citizens Can't Share in Oil Revenues like countries in the Middle East. How come oil companies get to pull oil out of the US soil even on Federal land that Citizens pay taxes on yet we get no proceeds from it like ME countries? Where is our cut?

It will never happen for many reasons....... I would give you an example but,

it'd be like trying to tell myself to stop drinking an ice cold one after a long days work in the scorching hot sun out on the farm...............