CBO says energy bill up next week in the House would increase federal revenues

The Congressional Budget Office (CBO) on Friday released an estimate that said H.R. 1230, the "Restarting American Offshore Leasing Now Act," would bring in an estimated $40 million in revenues over the next decade, and would cost just $2 million to implement.

The bill is expected to be on the floor next week, and would require the administration to conduct offshore lease sales in the Gulf of Mexico and off the coast of Virginia.

CBO said requiring lease sales would not affect revenues related to the Gulf, because the Department of the Interior already has an expectation of making these sales. However, it said increased lease sales off the coast of Virginia would lead to another $40 million in revenues over the next decade.

CBO also said it would cost about $2 million for Interior to complete environmental assessments to prepare for the sales near Virginia.

H.R. 1230 is one of two energy bills up next week. The other, H.R. 1229, would require Interior to act within 30 days on applications to drill in the Gulf of Mexico.