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POPSPelosi: Oil Companies Should Pay Royalties The government grants private companies “leases” for the resources in exchange for a portion called a royalty. Democrats have been clamoring for legislation that allowed oil companies drilling in the Gulf of Mexico in 1998 and 1999 to pay a reduced royalty even though the price of oil had risen substantially. The royalty break was an incentive to drill amid low oil prices. Democrats have suggested that companies be required to repay the back royalties if they want federal leases in the future. Republicans have called that a breach of contract with the drillers. In addition, The Denver Post reported Sunday that federal investigators are preparing to release a report detailing improper relationships between Interior Department officials who oversee offshore drilling and oil executives, including golf outings, ski trips and romantic liaisons. Also, Pelosi has been pushing to end tax breaks granted to oil companies.
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