Bush's Oil Giveaway to Obscenely Cash-Rich Oil Companies

Yes everyone it's really happening...AGAIN. A HUGE giveaway to the oil companies at the taxpayers' expense.

The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years.

New projections, buried in the Interior Department's just-published budget plan, anticipate that the government will let companies pump about $65 billion worth of oil and natural gas from federal territory over the next five years without paying any royalties to the government.

Based on the administration figures, the government will give up more than $7 billion in payments between now and 2011. The companies are expected to get the largest, known as royalty relief, even though the administration assumes that oil prices will remain above $50 a barrel throughout that period.

Hmm, the "9-11 changed everything" excuse won't fly here. I wonder what they'll try instead. What will our OIL president say when asked about this other than the obvious "ummmmmmm...uh...err..."?

Remember when you're filling up the gas tank of your car next time, you paid for that gasoline TWICE.