Senate Vote Tightens the Screws on Big Oil Statement of Erich Pica, Domestic Policy Director

Washington, DC – Today, the Senate Appropriations Committee approved an amendment offered by Sens. Dianne Feinstein (D-Calif.) and Judd Gregg (R-N.H.) to force oil companies to renegotiate Gulf of Mexico drilling leases signed in 1998 and 1999 that will cost taxpayers more than $10 billion in the coming years.  The amendment is similar to one that passed the House last month.  Below is a statement by Erich Pica, Friends of the Earth’s domestic policy director:
 
“This is a huge victory against Big Oil and their Senate champions.  The Feinstein-Gregg amendment will strengthen the federal government’s ability to recover more than $10 billion in future oil royalty revenues.”