Handing Over Taxpayer Cash to Big Oil

AP reports that President Bush has included a little-noticed provision in his energy bill that would require taxpayers to compensate oil companies for costs associated with oil/gas leases that can't be developed. Specifically, the provision "stipulates that if a permit denial or some other government action prevents a lease from being explored or developed" the federal government must fork over cash to the oil companies to "compensate" them.

This provision is moving through Congress at the very same time the energy industry is making record profits, our country has a record budget deficit, and the President says we don't have enough money to maintain current Social Security benefits. Unbelievable.