Oil and Gas Industry Blather

The President of the Independent Petroleum Association blathered on in an OPED piece today in the Albuquerque Journal about how the oil and gas industry in New Mexico pays for everything. Essentially the guy takes credit for the state being in such good financial shape. Yes, the state coffers have swollen due to the price of oil and gas skyrocketing last year. But, before you give the industry much credit you should consider just a couple of things. For instance, the industry has been given billions of dollars of your money back in tax breaks by the bush administration. Also, the industry is not being properly audited by the Interior department to make sure they are honestly paying for the oil and gas they are severing from Federal land. (Wouldn't it be nice if someone looked over the shoulder of the current State Land Office to make sure they are getting what they should from these guys?)

Oh yeah, that money they are taking credit for is not coming from just taxes, most of it is coming from royalties that are due. They are paying for oil that is not theirs. That oil is mostly owned by the U.S. or State government and yet they seem to think they should get some sort of brownie points for paying us what they owe for something that belongs to us all. And, it is not like the poor little oil and gas industry is having a tough time. Just look at their net profits over the last few years. Those profits are gargantuan and should have been subjected to a windfall profits tax. Maybe that would have lessened the amount of money they threw into funding attacks on global warming science.

I appreciate the jobs and contributions of this industry to our state, but it gets hard to swallow this kind of puffery. That kind of drivel will be hugely apparent at the Legislature this year as oil and gas industry lobbyists beat their breasts in front of every committee meeting.