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Statement of Richard D. Morgenstern, Congressional Budget Office, before the Committee on Energy and Natural Resources, Subcommittee on Energy Conservation and Regulation, United States Senate 1 (May 1977)

handle is hein.congrec/cbo8772 and id is 1 raw text is: STATEMENT OF RICHARD D. MORGENSTERN CONGRESSIONAL BUDGET OFFICE BEFORE THE COMMITTEE ON ENERGY AND NATURAL RESOURCES SUBCOMMITTEE ON ENERGY CONSERVATION AND REGULATION UNITED STATES SENATE MAY 9, 1977 Mr. Chairman, I appreciate this opportunity to appear before the Committee on behalf of the Congressional Budget Office to discuss the pricing of Alaskan North Slope Crude oil. In the paper we prepared for your recently published volume, The Pricing of Alaskan North Slope Oil, we noted that various decisions on this subject will have far reaching economic impacts. The question of the entitlement treatment to be accorded North Slope oil is especially important. Decisions on this and other price related issues are likely to involve the disposition of many billions of dollars over the life of the North Slope oil fields. They are also likely to affect both the . extent and timing of oil ultimately recovered from the Alaskan North Slope. The fact that the deliberations on Alaskan oil pricing are taking place while a new national energy plan is being considered makes the decisions all the more difficult. Before proceeding with these issues, I will pause to offer the customary explanation of the work of the Congressional Budget Office. As established in the Congressional Budget and Impoundment Control Act of 1974, the CBO provides nonpartisan analysis of economic and other issues that come before the Congress. Thus, in keeping with CBO's mandate, my statement today contains no recommendations.

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