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CBO Report: GOP Drilling Plan Will Generate Far Less Revenue Than Repealing Oil Tax Breaks

By Climate Guest Contributor  

"CBO Report: GOP Drilling Plan Will Generate Far Less Revenue Than Repealing Oil Tax Breaks"

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Proposals from GOP lawmakers to open nearly all federal lands and waters to oil-and-gas development would not generate much additional revenue, according to the Congressional Budget Office. CBO released an analysis on Thursday that said opening protected areas would generate a mere fraction of the revenue from existing oil-and-gas activity on federal land.

CBO calculated that “under current laws and policies, the government’s gross proceeds from all federal oil and gas leases on public lands will total about $150 billion over the next decade.”

CBO estimates that opening the Arctic National Wildlife Refuge (ANWR) would generate just $5 billion over the next decade. Drilling in protected waters in the Outer Continental Shelf would yield $2 billion over the same time period.

The federal government could raise far more revenue by cutting the mature fossil fuel industry’s $4 billion in tax breaks each year. Repealing oil and gas tax breaks would generate $40 billion over the next decade, compared to the $7 billion from the GOP’s drilling plan.

– Daniel J. Weiss and Jackie Weidman

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2 Responses to CBO Report: GOP Drilling Plan Will Generate Far Less Revenue Than Repealing Oil Tax Breaks

  1. prokaryotes says:

    And there is even a solution for the Oil firms

    Must Watch – Solve for X: Mike Cheiky on negative carbon liquid fuels http://biochar.be/biochar/item/must-watch-solve-for-x-mike-cheiky-on-negative-carbon-liquid-fuels.html

  2. Tami Kennedy says:

    However, neither party will have the political nerve to challenge the oil industry with more than hollow words.