When, When, Oh When, Will the American People Profit Off the Energy Under Their Land?

April 21, 2014 at 6:53 PM 1 comment

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They tell us that United States is in the midst of an “energy boom,” but that “boom” isn’t a “boom” for We the People.

Energy companies like ExxonMobil are fracking like mad, extracting oil and gas that lies below this land that belongs to –> We the People <– of the United States.  But guess who’s raking in the profit.  All the profit.  You got it.  Shouldn’t we get some of it?

I think so.

Read this about what Norway did back in the early 1970s.  They set up what is essentially a trust account to benefit their citizens by requiring oil and gas companies to share.  Wow.  Imagine:

$850 billion – more than $165,000 per Norwegian citizen, according to an SWF Institute report. It is the envy of the world, funding initiatives ranging from infrastructure improvements and green energy projects to public pensions.

[…]

“The objective of the fund is to act as a guarantee for all Norwegian citizens as they grow into a pension age,” he explained. “They see it as an important guarantee that they will have funds to use after their retirement.”

More here.  It’s amazing and so sane what Norway did.

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Entry filed under: Musings.

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1 Comment Add your own

  • 1. Tim Truett  |  April 22, 2014 at 3:35 AM

    You know, there’s a significant difference between who owns the oil in Europe and who owns it in the US, a huge difference. In Europe all underground minerals, oil and water are owned by the government. Not so in the US; it’s usually owned by the landowner not by “we the people.” So each of those fracking wells is paying a license fee to one owner. “We” won’t see a penny, except what may be received in taxes, paid AFTER applying several subsidies and tax credits.

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