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Dep't. of Interior Cancels Bush Administration Oil Shale Leasing Plans

Shortly after taking office, the Obama Adminstration's Department of the Interior cancelled the Bush oil shale leasing plans. 

Secretary of Interior Ken Salazar may think that oil shale has great potential but at least he's scrapping plans put in place by the Bush Administration to lease additional lands in Colorado, Utah and Wyoming for more development of the carbon nightmare fuel. The reason the leases were rescinded? It's not about the environment and all about the royalties:Money Received From Leases Far Lower Than Conventional OilSalazar called the leases "flawed" because the 5% royalty rate paid for oil shale production on those lands "sells the taxpayers short". Normally the royalty rate paid by oil and natural gas companies for producing on public lands is 18.8%.  Read more.




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