Katie Porter: “Oil and gas companies, if they receive permits, are paying a…”

“The royalty rate, I think it has not been changed in like 100 years. So royalty rate in 100 years. So we need to update those. We also need to make sure that Oil and gas companies, if they receive permits, are paying a bonding requirement. 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.” (07:02–07:09)

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