Re: 'drill, baby, drill'

On Fri, 29 Nov 2024 10:51:55 +0100, D <nospam@example.net> wrote:

That means the US oil belongs to the owners of the land
under which it resides, that is, the companies.

Land owners and Uncle Sam have leased their land to oil companies, who
drill for oil/gas.

AI Overview

No, oil companies typically do not own the land they drill on;
instead, they lease mineral rights from landowners, meaning they pay
to access and extract oil and gas beneath the surface of the land,
without owning the surface land itself.
===============================================

One exception is Alaska, and they have a state-tax (?) or something, and
the money is then distributed to the inhabitans in alaska.

AI Overview

Yes, all US states that produce oil or natural gas can tax oil
production:

    Ad valorem taxes: These taxes can be based on the value of the
property, the value of the equipment, or the fair market value of the
natural resources.

Severance taxes: Also known as gross production taxes, these taxes are
imposed on the extraction of non-renewable resources like oil, natural
gas, and coal. At least 36 states impose a severance tax, and 31 of
those states tax the extraction of oil and gas.

Local property taxes: These taxes are levied on the value of oil and
gas property.

Oil and gas lease revenues: These revenues come from state and federal
lands.