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Who owns the offshore drilling sites leased by big oil. Americans should get royalties?
4 Answers
- Anonymous1 decade agoFavorite Answer
Oil companies bid for the site. They pay for the right to look, then they pay for the right to extract, and they pay a percentage of what they extract.
- whimsyLv 51 decade ago
No, we sell off the oil rights for very little.
Further, we still operate on the Mining Act of ~1875 for the small, token payments companies pay to use public land for any type of mineral extraction.
- fangtaiyangLv 71 decade ago
Nobody does. That is why oil companies want to drill offshore. International waters are owned by no one
- Anonymous1 decade ago
Something for nothing creates a slave class. If you really wish to make money in the oil business, invest in it.