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Katie Porter: “Bonding requirements are too low.”

Featuring: Katie Porter, Democratic | Former Candidate, U.S. Senate California

Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies

Published September 21, 2021 | Video Starts at 07:19

This is an amount of money that they set aside. They purchase a bond so that if there's a need to do environmental remediation or cleanup, the taxpayers aren't left holding the bag. Those Bonding requirements are too low. And these what happens is oil and gas companies set up entity after entity after entity, corporate shells in essence to drew this oil and gas drilling. (07:19–07:23)

CLAIM

Asserts that the bonding requirements for oil and gas companies are insufficient.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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“The royalty rate has not changed in 100 years.”
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“The United States charges way less to drill on its public lands than other countries.”
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“It's more expensive to drill on land owned by the state of Texas than it is federal public land.”
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“Fossil fuel companies have a long history of taking advantage of the tax code, taking advantage of taxpayers.”
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“Public land simply refers broadly to any land that is owned by the federal, state, or local government.”
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“The largest proportion of [public land] is controlled by the Bureau of Land Management.”
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“Federal government policy here really matters. It matters in terms of conservation. It matters in terms of shaping the entire energy.”
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“The Biden administration paused Granting new rights. But that didn't mean that the previous big bunch of rights that the Trump…”
Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies | Uploaded September 21, 2021 | 05:28-05:43
“The rental rate has not been changed since I was in, I think junior high school. The royalty rate, I think it has not been changed in like…”
Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies | Uploaded September 21, 2021 | 06:46-06:58
“Oil and gas companies, if they receive permits, are paying a bonding requirement.”
Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies | Uploaded September 21, 2021 | 07:02-07:09
“Oil and gas companies set up entity after entity, corporate shells in essence, to [conduct] oil and gas drilling.”
Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies | Uploaded September 21, 2021 | 07:22-07:32
“When they're done, those entities declare bankrupt and walk away and the taxpayers wind up on the hook for abandoned wells.”
Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies | Uploaded September 21, 2021 | 07:32-07:40
“The US Government is giving away a bargain basement deal to fossil fuel companies who want to drill and extract on public lands.”
Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies | Uploaded September 21, 2021 | 09:49-09:59
“States like Texas charge much higher royalty rate to extract from their state lands than the federal government does for extraction from…”
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“Oil and gas companies are leaving the rest of us holding the bag to clean up their messes [from abandoned wells].”
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“Bonding requirements are so low that it doesn't even begin to cover the cost of capping the well, of doing the environmental remediation, of…”
Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies | Uploaded September 21, 2021 | 13:47-13:58
“The federal government picks up the tab and does the work, we put it onto the states.”
Katie Porter Discusses Oil and Gas Industry Accountability and Public Land Policies | Uploaded September 21, 2021 | 14:16-14:23
“Biden's 30 by 30 commitment... 30% would not be available for extractive industries, would not be available for oil and gas.”
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“We cannot allow this pace of continued drilling and meet our commitment to conservation and preservation and climate change goals.”
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“Public land drilling is one of the tools that we can use to create a more sustainable energy future.”
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“It's called the ending taxpayer welfare for oil and gas companies. And what it would essentially do is update that royalty and rental rate…”
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“We can collect our fair share from the companies that are making money off our public lands.”
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“Oil and gas companies have bought legislation that works for them.”
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“Oil and gas companies went to Congress and year after year after year advocated to keep this royalty rate unchanged.”
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“In the House, there is not one Republican who has stepped up and been willing to say that taxpayers should get their fair share for…”
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“Oil and gas companies get away with [cheating everyday Americans] due to political influence.”
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“Three oil and gas companies declined to testify before the subcommittee I chair on natural resources.”
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“The biggest check and balance in a democracy is the voices of the American people speaking up, asking questions and getting answers.”
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“All of that [complexity and delay] isn't coincidental. It is part of a strategy to avoid accountability.”
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