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S. 2011, Offshore Production and Energizing National Security Act of 2015 1 (October 6, 2015)

handle is hein.congrec/cbo2529 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE October 6, 2015 S. 2011 Offshore Production and Energizing National Security Act of 2015 As reported by the Senate Committee on Energy and Natural Resources on September 9, 2015 SUMMARY S. 2011 would amend existing laws related to oil and gas leasing on the Outer Continental Shelf (OCS) and would remove restrictions on exporting crude oil produced in the United States. The legislation would modify the terms and conditions governing certain leasing activities and authorize new direct spending of proceeds from federal oil and gas leasing for certain programs and for payments to certain coastal states. In addition, the bill would authorize appropriations for grants to Indian tribes for capital projects and other activities aimed at adapting to climate change. CBO estimates that enacting S. 2011 would reduce net direct spending by about $0.2 billion over the 2016-2025 period. Provisions in titles I-III would affect oil and gas leasing on the OCS and CBO estimates those provisions would have a net cost about $1.3 billion over the 10 year period. Increased collections from eliminating restrictions on exports of crude oil would total $1.4 billion over the same period. In addition, CBO estimates that implementing the bill would increase spending subject to appropriation by about $700 million over the 2016-2020 period mainly for programs to assist Indian tribes. Because enacting the legislation would affect direct spending, pay-as-you-go procedures apply. Enacting the bill would not affect revenues. CBO estimates that enacting the legislation would increase both direct spending and net on-budget deficits by more than $5 billion in at least one of the four consecutive 10-year periods beginning in 2026. The bill contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would impose no costs on state, local, or tribal governments. To the extent that the bill would increase royalties and other revenue from offshore oil and gas development, the bill would benefit certain coastal states through the sharing of leasing receipts with the federal government. Some local and tribal governments, as well as

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