Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/15/2014 (11 months ago)

Catholic Online (www.catholic.org)

Auditors and activists allege unethical accounting.

According to a report by the Thompson Reuters Foundation, oil companies in the U.S. have paid billions to settle allegations that they routinely defraud the U.S. government and Native Americans of tax revenues by using unethical accounting practices. The report says oil companies have paid $3 billion over the past 15 years.

Big oil firms have not been paying their fair share, a new report alleges.

Big oil firms have not been paying their fair share, a new report alleges.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/15/2014 (11 months ago)

Published in U.S.

Keywords: oil, profits, taxes, payments, rules, transparency


LOS ANGELES, CA (Catholic Online) - The Thompson Reuters Foundation reports that Royal Dutch Shell and Exxon Mobile Corp. have been fined for penalties and back payments pertaining to unethical accounting practices that included the undervaluation of resources to minimize public obligations.

These companies, the report claims, are also fighting transparency regulations that are intended to help people in developing countries who may be disenfranchised of their fair share of profits.

Let us pray for the disenfranchised.


According to the U.S. government and whistleblowers, the report claims "it's relatively easy for energy companies to fudge their numbers using dubious accounting techniques and outright fraud."

Audits done by the U.S. Government Office of Natural Resources Revenue have revealed billions in underpayments.

Reuters also quoted Oxfam America senior policy adviser, Isabel Munilla who suggested, "If this is happening in the U.S, where we have a strong legal and regulatory system, which should in theory reduce the incentives for this type of behavior, it's very likely to be happening around the world, especially in places with much weaker governance systems."

Shell and Exxon both are also lobbying against new, proposed Securities and Exchange Commission rules that would require greater transparency and reporting of monies paid to other governments for oil and gas projects.

Shell and Exxon both claim they have paid their obligations, but chose to settle in all cases to avoid the costs of litigation.

The oil industry is one of the world's most lucrative businesses because the world is powerfully reliant on the industry to maintain itself and expand. However, the tremendous profits have long attracted government attention because the resources extracted from the Earth arguably belong to the people themselves.

In many countries, oil and gas profits are shared with the people in one fashion or another, although the revenues from such are frequently poorly distributed. Venezuela provides an excellent example of oil profits fueling corruption as the monies are not all spent on projects to help people, but instead are commonly siphoned and embezzled.

Still, the case is about oil companies paying their fair share, and if these companies follow unethical accounting practices it can be difficult to catch them, and difficult to extract the wealth that is due to the people.

The gifts of creation ought not belong to a single person or one, but should be shared, in reasonable fashion and measure, with those who lose the use of them, or potential use, by means of their development. For example, oil and gas harvested from Native American lands deprives that population of the mineral wealth forever. They deserve fair compensation. Since those extracting the resources are also earning a tremendous profit, it is appropriate to expect a reasonable payment be made.

The U.S. government, as well as various Native American tribes have agreed on what that reasonable payment should be, but if oil companies are dishonest in their accounting, then it becomes difficult to tell if the full, agreed payments have been made.

Overseas, in cases where there is even less government transparency, the situation may be much worse.

All of this can be resolved by the development of a new ecology and a moral understanding of wealth and how it should best be employed. Unfortunately, everybody is listening to the monied lobbyists and lawyers, and nobody is listening to the moral authorities on such issues.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More U.S.

Defend Marriage! Sign the Pledge in Solidarity for Marriage, Join the March

Image of Did you read that these defenders of marriage faced tear gas and clubs from the riot police of the French Socialist regime? They sang La Marseillaise, the French National Anthem, and called for the resignation of the President. Most US news sources did not even report on the Paris March. It was led by a growing movement in France called La Manif  Similar marches have occurred in Taiwan and around the world.

By Deacon Keith Fournier

One of the leaders I have the privilege of calling my friend is a great evangelical Christian and constitutional lawyer named Mat Staver. Mat is the Founder and Chairman of Liberty Counsel and Liberty Counsel Action.  We have joined together on many fronts, ... continue reading


War on Terrorism: How Americans really feel about Islamic terrorism Watch

Image of Most American's carry a negative outlook on the War on Terrorism.

By Abigail James (NEWS CONSORTIUM)

American's outlook for the War on Terror and Muslims continues to decline. The most recent Rasmussen Report discovered that only a lamentable 29 percent of likely U.S. voters "believe the United States and its allies are winning the War on Terror. LOS ANGELES, CA ... continue reading


Pope accepts resignation of Bishop Robert Finn, years after conviction due to his failure to report abuse Watch

Image of Put on two years' probation, Bishop Finn did not spend time in jail or pay a fine, according to the Jackson County Prosecuting Attorney's Office.

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has accepted the resignation of Bishop Robert Finn. The bishop had remained on his post for years after becoming the highest-ranking U.S. Catholic official convicted in connection with the church's long-running sex abuse scandal. Leading the ... continue reading


SHOCKING: Armed National Guard troop carries out operations in U.S. children's playground (VIDEO) Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

Footage showing armed National Guard troops doing exercises was sent to Infowars, Sunday morning. The concerned listener documented the scenario, that took place near a children's playground in Staunton, Virginia, highlighting the presence of arms in the public space. ... continue reading


Lake Michigan Coast Guard discovers historical mystery in shallow waters Watch

Image of Ice covered shallow waters expose long lost artifacts.

By Nikky Andres (NEWS CONSORTIUM)

Climate change has drawn humanity with a lot of uncovered mysteries. Just recently, a lot of amusing sights were seen in Lake Michigan when an ice cap near the shoreline melted. Aside from revealing the clear waters, it has also unleashed different objects, which were ... continue reading


High school faces First Amendment issues with Muslim Student Association's controversial event Watch

Image of A student-sponsored event asking all female students to participate in wearing a hijab was cancelled after parents were outraged.

By Nikky Andres (NEWS CONSORTIUM)

The principal of Mason High School in Mason, Ohio has already cancelled the "Covered Girl Challenge." Earlier last week, parents received an email from the school encouraging female students to wear a hijab, or the Islamic head covering, on the same day. A couple days ... continue reading


Good Samaritan who fed homeless for 10 years charged with unbelievable $2,000 fine Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

Founder of the nonprofit mobile food truck Chow Train, Joan Cheever, was fined by the San Antonio, Texas police for about $2,000 due to the lack of permit for the trucks she is using to transport food. Cheever argues she has the right to do her charitable activity ... continue reading


Tragic final hours of Abraham Lincoln recounted on anniversary of his assassination Watch

Image of Abraham Lincoln's assassin John Wilkes Booth's final words were reportedly

By Catholic Online (NEWS CONSORTIUM)

Long troubled by depression, 16th U.S. President Abraham Lincoln awoke on the last day of his life, April 14, 1865 in an uncommonly good mood. Lincoln and his wife Mary Todd decided to attend the hit farce comedy "Our American Cousin," which was playing at ... continue reading


Courage in the Storm: Three Cheers for Wyoming Catholic College! Watch

Image of I do not personally know President Kevin Roberts of Wyoming Catholic. I have never even visited Wyoming Catholic College. However, the action of the President inspires me. The College is now on my radar screen, so to speak. I will be praying for them and paying close attention to their future. I ask my readers to do the same. - Deacon Keith Fournier

By Deacon Keith Fournier

Since the objective of a Catholic University is to assure in an institutional manner a Christian presence in the university world confronting the great problems of society and culture, every Catholic University, as Catholic, must have the following essential ... continue reading


Abercrombie and Fitch employee reveals racial discrimination and sexual harassment at work Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Over the past ten years, Abercrombie and Fitch has received a number of discrimination lawsuits; they even paid $40 million in settlement back in 2006. Just recently, an unnamed employee went out in the open and gave full information about the constant racial ... continue reading


All U.S. News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 7:51--8:1
51 'You stubborn people, with uncircumcised hearts ... Read More

Psalm, Psalms 31:3-4, 6, 7, 8, 17, 21
3 You are my rock, my rampart; true to your name, ... Read More

Gospel, John 6:30-35
30 So they said, 'What sign will you yourself do, the ... Read More

Saint of the Day

Saint of the Day for April 21st, 2015 Image

St. Anselm
April 21: St. Anselm Archbishop of Canterbury and Confessor APRIL 21,A.D. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter