Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/15/2014 (6 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 (6 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'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for November 2014
Lonely people:
That all who suffer loneliness may experience the closeness of God and the support of others.
Mentors of seminarians and religious: That young seminarians and religious may have wise and well-formed mentors.



Comments


More U.S.

What is 'vape?' The Oxford Dictionary proclaims it the new word for 2014 Watch

Image of Even while media outlets, health organizations and scientific studies continue to debate the benefits and pitfalls of e-cigarettes,

By Catholic Online (NEWS CONSORTIUM)

What does the word "vape" mean? Before anyone jumps to negative conclusions and think that it means something untoward - rest assured: vape is both a noun and verb, according to the Oxford Dictionary. They've gone as far as to proclaim vape as their new word of ... continue reading


Meet the doll that's flipping the world upside down! Watch

Image of Lammily, is a new doll that is proportioned just like the average American 19-year old woman.

By Catholic Online (NEWS CONSORTIUM)

A simple art project by a graphic designer has become the most coveted toy for the 2014 Christmas season following its November 19 release. LOS ANGELES, CA (Catholic Online) - Nickolay Lamm made a doll he named Lammily, who is what Barbie would look like if she was ... continue reading


The Bloody Battle of Tarawa in 20 extraordinary photos Watch

Image of U.S. Marines advance while under fire from Japanese defensive positions.

By Robert Mullen (NEWS CONSORTIUM)

The Battle of Tarawa was one of the bloodiest and costliest battles to the U.S. in WWII in terms of men lost per time spent in combat. During the 76 hour battle from November 20-23, 1943, on that small Pacific Island, about 1,700 U.S. personnel were killed, and ... continue reading


What's the biggest danger to America? It's not nukes and it isn't terrorism Watch

Image of China is well known to have an extensive cyberwarfare program, and often utilizes civilian hackers as well as its own military personnel.

By Catholic Online (NEWS CONSORTIUM)

The head of the National Security Agency revealed to a Congressional panel that China and "probably one or two other" countries have the ability to shut down the nation's power grid and other critical infrastructures through cyberwarfare. LOS ANGELES, CA ... continue reading


Massive collection of Catholic artifacts leave Italy for the first time in 700 years: Their destination? The Big Apple! Watch

Image of For the first time in 700 years, artifacts of St. Francis of Assisi will be removed from Italy. They will be put on display in New York during November, December and January.

By Catholic Online (NEWS CONSORTIUM)

An exhibit of medieval manuscripts and papal documents that have close ties with St. Francis of Assisi will be held at the United Nations in New York from November 17 to the 28. LOS ANGELES, CA (Catholic Online) - The exhibition is titled "Friar Francis: Traces, ... continue reading


Obama gives amnesty while bracing for next 'surge' of illegals in 2015 Watch

Image of Children in holding facilities during 2014, a year where the surge of illegal children occurred.

By Catholic Online (NEWS CONSORTIUM)

While President Obama has revealed his plans to shield about five million illegal immigrants from deportation, he has federal agencies getting ready for another mass surge of illegal immigrants during the spring of 2015. LOS ANGELES, CA (Catholic Online) - As ... continue reading


Obama declares all out war on Republicans over immigration reform Watch

Image of President Obama is expected to give a speech on November 20, outlining his plans to execute immigration reform via executive action.

By Catholic Online (NEWS CONSORTIUM)

Even after warnings from sitting and incoming House and Senate Republicans that unilateral action on immigration reform from President Barack Obama would not be tolerated, the president has gone ahead and outlined a plan to relax the rules and regulations of U.S. ... continue reading


The Marriage Meme of Francis: What Did the Pope Just Say about Marriage and Family? Watch

Image of Pope Francis presiding at a marriage Liturgy at St Peters.

By Deacon Keith A Fournier

Pope Francis embraces the unchangeable truth about marriage as solely between one man and one woman, intended for life, open to life and formative of family as the sole Meme - using the word properly.  That is why you will not read much about the crystal ... continue reading


Another black eye for Democrats: Obamacare architect makes off with $6 million in taxpayer money Watch

Image of New videos released in November show that the architect behind the Affordable Care Act, also known as Obamacare, holds nothing but contempt for the American people.

By Catholic Online (NEWS CONSORTIUM)

The architect of the fiasco that has been the Affordable Care Act (ACA), Jonathan Gruber, was paid about $6 million in taxpayer money between 2009 and 2014. LOS ANGELES, CA (Catholic Online) - This is about 24 times what an average, full-time American worker would ... continue reading


See the list of MOST FREE countries in the world, the results will surprise you! Watch

Image of Land of the Free no more, Americans report a significant decline in personal freedom under the Obama administration.

By Catholic Online (NEWS CONSORTIUM)

America is supposed to be the land of the free, so Americans themselves might be surprised to see that the United States actually ranks fairly low on the index of personal freedom when compared to other nations. Instead of occupying the number 1 spot, the USA has ... 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, Ezekiel 34:11-12, 15-17
11 "For the Lord Yahweh says this: Look, I myself ... Read More

Psalm, Psalms 23:1-2, 2-3, 5, 6
1 [Psalm Of David] Yahweh is my shepherd, I lack ... Read More

Gospel, Matthew 25:31-46
31 'When the Son of man comes in his glory, escorted ... Read More

Reading 2, First Corinthians 15:20-26, 28
20 In fact, however, Christ has been raised from the ... Read More

Saint of the Day

Saint of the Day for November 23rd, 2014 Image

Bl. Miguel Pro
November 23: Born on January 13, 1891 in Guadalupe, Mexico, Miguel Agustin ... 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