Article

2011-03-17 Economy

Big Oil loves it when Obama puts federal lands off-limits

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Posted by tipover 2011-03-17 00:00|| || Front Page|| [4 views ] Top

#1 Under the statehood act, New Mexico can not directly use revenue generated from taxes on natural resources. Rather, it has to invest that money and derive the profits from the investments for use. The state has become in effect another one of the Big Oil guys. It profits as the price of oil rises. However, it doesn't stop the usual political suspects from denouncing Big Oil even while they spend the increased revenue with abandon. The prior governor, Bill Richardson (D) played the game well while putting more land off limits to exploration and exploitation, at the same time draining the surplus the previous governor, Gary Johnson (R), had built for the state. Meanwhile, the Holder's Justice Department drop the investigation and prosecution case against former governor Richardson in a Pay-4-Play scandal involving kickbacks from investment firms to handle the state's hefty resource generated investments, which did at least catch two former state Treasurers [guess that party] prior to the shut down.

Posted by Procopius2k 2011-03-17 04:55|| 2011-03-17 04:55|| Front Page Top

#2 Oligarchy (from Greek ὀλιγαρχία, oligarkhía[1]) is a form of power structure in which power effectively rests with a small number of people. These people could be distinguished by royalty, wealth, family ties, corporate, or military control.

Posted by g(r)omgoru 2011-03-17 04:58|| 2011-03-17 04:58|| Front Page Top

#3 Oilgarchy?

Posted by twobyfour 2011-03-17 22:35|| 2011-03-17 22:35|| Front Page Top

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