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Katie Porter: “The royalty rate has not changed in 100 years.”

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 09:29

Did you say the royalties haven't moved in like 100 years? The royalty rate, it's hard to believe The royalty rate has not changed in 100 years. Now it's a percentage. So as the price of the oil goes up, there's some, you know, there's additional money. But the reality is states, private landowners, they have increased their royalty rates. (09:29–09:35)

CLAIM

Asserts that the federal royalty rate for oil extraction has remained unchanged for a century.

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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“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…”
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“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…”
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“Oil and gas companies, if they receive permits, are paying a bonding requirement.”
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“Bonding requirements are too low.”
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“Oil and gas companies set up entity after entity, corporate shells in essence, to [conduct] oil and gas drilling.”
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“When they're done, those entities declare bankrupt and walk away and the taxpayers wind up on the hook for abandoned wells.”
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“The US Government is giving away a bargain basement deal to fossil fuel companies who want to drill and extract on public lands.”
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“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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“The federal government picks up the tab and does the work, we put it onto the states.”
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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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“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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