The U.S. Supreme Court has ruled against two big oil
companies on the payment of royalties to the government for oil and gas
In a 7-0 decision, the court upheld the government's
position that it should be able to recoup more than eight years' worth of
unpaid royalties from BP Amoco PLC and Arco, as opposed to the six-year limit
the companies wanted imposed.
Lawyers for the two companies had argued that such a ruling
would add hundreds of millions of dollars to the royalty obligations of oil