Senate energy revenue-sharing bill has $6B price tag

ADVERTISEMENT
“Most of the estimated cost of implementing this bill would result from provisions that would accelerate and increase the amounts authorized to be spent without further appropriation from proceeds collected under current law from certain oil and gas leases in the Gulf of Mexico,” the CBO found.

The bill would also provide revenue-sharing for Alaska, where a number of companies hope to drill on existing leases in federal waters off the state’s northern coast, and coastal areas in the lower-48 states where drilling is not currently allowed.

A spokesman for Murkowski, who is the top Republican on the energy panel, said the senator is committed to working with Landrieu to find offsetting federal revenues to make up for the bill’s cost.

Elsewhere, the bill provides onshore states half of the federal revenues from green energy development on federal lands within their borders, matching onshore state’s share from oil-and-gas development.


More in Senate

Senate passes increase in duck stamp price

Read more »