Transcript: GOVERNMENT REPORT BACKS BOXER'S DEMAND THAT OIL COMPANIES PAY FAIR SHARE OF OIL ROYALTIES TO TAXPAYERS

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FOR IMMEDIATE RELEASE August 20, 1998 Contact: David Sandreti

GOVERNMENT REPORT BACKS BOXER'S DEMAND THAT OIL COMPANIES PAY FAIR SHARE OF OIL ROYALTIES TO TAXPAYERS

WASHINGTON, D.C. -- U.S. Senator Barbara Boxer (D-CA) announced today that a report she requested from the General Accounting Office (GAO) supports her claim that oil companies are shortchanging taxpayers $66 million per year in oil royalties.

Oil companies drilling on public must pay royalties to the federal government, a portion of which is sent to the states. California law requires that all royalty payments be credited directly to the State Schools Fund.

The GAO found that oil companies currently ...

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