Offshore Leaseholders Want a Federal Handout
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Re “Impasse Over Offshore Drilling,” April 28: Interesting how industry touts the virtues of the free market until it costs money; then it wants a handout.
The oil companies that bought the 36 undeveloped leases off the Central Coast want to be relieved of their lease burdens and reimbursed for their troubles -- such as complying with the law. The current leaseholders certainly should have known that the leases would be caught up in legal wrangling for years to come when they bought them from the previous holders. Indeed, it’s likely that such potential difficulties resulted in a discounted lease price at the outset.
Caveat emptor. Taxpayers should not give them one cent.
Teresa M. Olle
Director of Program
Development, Environment
California, San Francisco
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