IS THIS EVIDENCE THAT BUSH IS IN THE POCKET OF BIG OIL? [+] ballot by Corrupt ACTIVE Sun Feb 18, 07 - Mon Feb 18, 08 Washington (Reuters) House Republicans on Friday sought to defect blame off the Bush administration for not acting earlier to fix faulty oil drilling contracts that could cost the government billions in lost royalty fees,saying former President Clinton's administration was at fault for issuing the leases. The dispute centers around drilling contacts the Interior Department gave oil companies in 1998 and 1999 to search for crude in Gulf of Mexico.The contracts accidentally ommitted language that would have ended a waiver of royalties for the companies if the price of oil exceeded about $38 a barrel,as it has in the current market. The royalty relief was provided at a time when oil prices were very low and incentives were needed to make it more profitable for companies to drill in the expensive deeper Gulf waters.The department inspector general,Earl Deveney,said the oil price threshold was left out due to a bureacratic mistake.Nonetheless,the error already has cost the government $1 billion in lost royalties and the total loss could reach $10 billion over the life of the leases. At a House Natural Resources Committee hearing on Friday looking into the issue,Republicans put the blame on the former Clinton administration for writing the faulty drilling contracts in 1998 and 1999." This is not a Bush-cronysim deal" with oil companies,said Republican Rep Steve Pearce.Democrats on the panel acknowledged the contracts were signed during Clinton's last term.But they faulted Bush administration officals at the Interior Department for not correcting the contracts when the error was borought to their attention several years latter. "What we want to know is what this administration is going to do to fix this mistake,"said Democratic Rep Ed Markey.Markey criticized the department for not supporting legislation the would require oil companies with the dispute leases to negotiate new terms and pay bak royalties.What say you is this an example of Bush oil cronyism or an honest bureaucratic mistake? Bush oil cronyism Bureaucratic mistake Ballot #112426 : SEE RESULTS Comment: show your vote with comment?

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