false claims

3 Economic Misconceptions That Need to Die

One of this country's biggest economic problems is a tsunami of misinformation. You can't have a rational debate when facts are so easily supplanted by overreaching statements and errors. Here are three misconceptions about our economy that need to be laid to rest.

Judge Orders Oil Company to Pay $22.9 Million for Understating Royalties

An oil company was ordered to pay $22.9 million for understating the amount of royalty it owed the federal governments for oil pumped from offshore oil leases. A federal judge ruled that Kerr-McGee Corp. understated the value of the oil and natural gas produced from the leases, allowing it to pay fewer royalties than the government was entitled to, The Wall Street Journal said.