Measure To Penalize Oil Companies Gains Support

By KBJR Manager

Measure To Penalize Oil Companies Gains Support

March 17, 2011 Updated Mar 17, 2011 at 11:00 AM CST

St. Paul, MN (Northland's NewsCenter) - Today, Sen. Al Franken backed a measure that would penalize oil companies for allowing millions of acres of federal lands they’ve leased for oil exploration to lie dormant, saying the potential for finding billions of barrels of untapped oil could help lower fuel prices in Minnesota and across the country.

On Wednesday, Franken signed onto the Use It or Lose It Act of 2011, which would require oil companies to submit plans showing how they plan to develop their leased lands and to pay an annual fee of $4 per acre of unused land or water.

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