A Government Accountability Office (GAO) report released today estimates taxpayers will lose up to $53 billion from Gulf of Mexico oil and gas leases issued between 1996-2000. But as staggering as these losses are, this number could be a low ball compared to what taxpayers will actually lose if oil and gas prices continue to soar. For example, the report assumes oil at a $100 per barrel and natural gas at $8 per thousand cubic feet; today’s oil prices were nearly $127/ barrel and natural gas more than $12/thousand cubic feet.
Reflecting upon the GAO report, Ms. Ryan Alexander, President of Taxpayers for Common Sense noted: “While the nation is facing record budget deficits, oil and gas companies continue to reap billions in record profits. It is inexcusable that these lucrative companies get away with more than $50 billion in royalties rightfully owed to taxpayers.”
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