Pelosi: Drilling vote will require increase in royalties

08/26/2008 | Oil & Gas Journal

House Speaker Nancy Pelosi, D-Calif., has endorsed greater use of natural gas as the country makes a transition to alternative fuels -- but said she would put offshore drilling on the table only if Republicans agree to charge major oil companies "royalties to invest in renewable energy." In response to Pelosi's statements on NBC's "Meet the Press," the American Petroleum Institute said oil companies paid the federal government $8.7 billion in royalties in 2007 and $6.8 billion in bids to acquire leases on federal lands so far in 2008.

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