Big Oil ticked off at new money law

By doris | Published: August 27, 2010

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — A new law requiring oil companies to disclose all payments made to governments has sparked a sharp debate, with Big Oil saying it will put it at a big competitive disadvantage.

The law, attached at the last minute to the financial reform bill last month, applies to extractive industries – basically all U.S.-listed oil, gas and mining companies.

These companies pay hundreds of billions of dollars each year to governments in the form of royalties, taxes, and other fees. The problem, say some, is that these payments are often not transparent. Now firms must disclose these payments.

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