Oil companies that are resisting calls to disclose the royalties they pay foreign countries have been prosecuted for cheating the U.S. government.
Continue readingU.S. Energy, Mining Companies Must Disclose Government Payments
U.S. energy companies will soon have to reveal how much they pay foreign governments for rights to produce crude oil, natural gas and minerals around the world.
Tucked near the end of the more than 2,000-page final version of the financial reform bill is language requiring energy companies to submit the payment information annually to the U.S. Securities and Exchange Commission. The provision was added by Democratic Sen. Patrick Leahy of Vermont, a long-time supporter of the voluntary Extractive Industries Transparency Initiative, and by Sen. Ben Cardin of Maryland, also a Democrat. That global initiative is backed ...
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