Thursday, December 21, 2006

Oil Royalties officially a done deal.

Almost 60 years after Louisiana spurned an offer from President Harry Truman for billions of dollars in federal oil and gas royalties, President Bush on Wednesday made it a reality.

Bush signed legislation that will allow Louisiana to share in the 37.5 percent royalty that the federal government receives from new drilling in 8.3 million acres in the Gulf of Mexico.

Still, it would have been better to have had the money that Leander Perez threw away on the Truman deal.

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