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H.R. 1613, Outer Continental Shelf Transboundary Hydrocarbon Agreements Authorization Act 1 (May 17, 2013)

handle is hein.congrec/cbo11117 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE May 17, 2013 H.R. 1613 Outer Continental Shelf Transboundary Hydrocarbon Agreements Authorization Act As ordered reported by the House Committee on Natural Resources on May 15, 2013 SUMMARY H.R. 1613 would approve a February 20, 2012, agreement between the United States and Mexico regarding the development of oil and gas resources in what is known as the transboundary area in the Gulf of Mexico. It would establish guidelines and procedures for implementing that agreement and for Congressional review of any future agreements governing that area. Pay-as-you-go procedures apply to this bill because enacting the legislation would affect offsetting receipts, which are recorded as a credit against direct spending. CBO estimates that enacting H.R. 1613 would increase offsetting receipts from lease sales in the Outer Continental Shelf (OCS) by $25 million over the 2014-2023 period, thus reducing direct spending by a corresponding amount. Enacting H.R. 1613 would not affect revenues. H.R. 1613 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would impose no costs on state, local, or tribal governments. ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary impact of H.R. 1613 is shown in the following table. The costs of this legislation fall within budget function 950 (undistributed offsetting receipts).

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