GAO launches investigation of oil royalties

| Friday, November 03, 2006

The U.S. Government Accountability Office has launched an investigation into what's going on with the royalty payments that oil companies are supposed to be making for oil and gas they extract from federal properties.

The New York Times reports the investigation was prompted by members of Congress who think the U.S. Interior Department has botched the job of collecting the money.

Congress is especially upset about a supposed typographical error on a lease agreement that could cost the government more than $7 billion in lost royalties.

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