Home > newsroom > Page
By the Numbers – Impacts of the President’s Budget on U.S. Energy Production and the Economy


WASHINGTON, D.C., March 3, 2010 - On Thursday, March 4, 2009, the House Natural Resources Energy and Minerals Subcommittee will hold an oversight hearing on the President's Fiscal Year 2011 budget requests. The Administration’s budget establishes a dangerous national energy policy that will increase energy costs for American families and businesses, hinder American energy production and send American jobs overseas. Taken together, this budget is a recipe for economic decline and continued dependence on foreign energy sources.

$40 billion The President’s budget includes nearly $40 billion in direct tax and fee increases on the American oil, natural gas and coal industries.
9 million These taxes and fees put at risk over 9 million American jobs that are supported by the U.S. oil and gas industry.
$870 billion The budget includes a hidden cap-and-trade national energy tax, which CBO estimates would increase taxes by $870 billion.
$1,761 According to the Obama Administration, national energy tax legislation could cost each American household $1,761 a year.
$413 million The President’s budget anticipates that that revenue from new Outer Continental Shelf (OCS) leasing will decline from $1.5 billion in 2009 to only $413 million in 2015. The only way revenue would decline is if less of the OCS is offered for leasing for energy production. This proves that the Obama Administration has no intention of opening up new areas for offshore drilling.
500 million When the President and Congress lifted the ban on offshore drilling, they made 500 million more acres available for drilling. Unfortunately, the Obama Administration has reinstituted a defacto moratorium on offshore energy production by delaying the development of a new five-year OCS plan.
$54.7 billion According to a study by American Energy Alliance, expanding drilling in the OCS would generate $54.7 billion in federal tax revenue that could be used to pay down the $7.78 trillion public debt.
2011 The fist offshore lease sale in Virginia was scheduled to take place in 2011. Despite bipartisan objections, the Administration has delayed this lease sale – denying the State and federal government of much needed revenue.
13 million According to a study by NARUC, employment in energy intensive industries will decrease by 13 million jobs if the U.S. maintains its current moratorium on offshore and onshore energy production.
$106 million The President’s budget eliminates the profitable royalty in-kind (RIK) program for collecting oil and gas royalties, even though the program generated over $106 million in benefits for the American taxpayer in 2008. As a result of the elimination, the MMS will require an additional $10 million in FY2011 to maintain the same level of auditing.

# # #

Print version of this document


Contact: Jill Strait or Spencer Pederson (202) 226-2311

Latest News

Bishop: FWS Mimics EPA Tactics in Expansive Critical Habitat Proposal

Today, the U.S. Fish and Wildlife Service and the National Marine Fisheries Service announced the finalization of a new policy for defining and designating critical habitat under the Endangered Specie...... Read more

Committee Advances Bipartisan “National 9/11 Memorial at the World Trade Center Act”

Today, the Committee on Natural Resources passed H.R. 3036 (Rep. Tom MacArthur, R-NJ), the “National 9/11 Memorial at the World Trade Center Act,” legislation designating the National September 11 Mem...... Read more

New York Times: How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico

To understand how Puerto Rico’s power authority has piled up $9 billion in debt, one need only visit this bustling city on the northwest coast. Twenty years ago, it was just another town with dwindlin...... Read more

View All News

Calendar

The Costly Impacts of Predation and Conflicting Federal Statutes on Native and Endangered Fish Species
Subcommittee on Water, Power and Oceans | 1334 Longworth House Office Building, Washington, D.C. 20515
Legislative Hearing on H.R. 87, H.R. 295, H.R. 1621 and H.R. 2817
Subcommittee on Federal Lands | 1324 Longworth House Office Building, Washington, D.C. 20515
The U.S. Department of Treasury's Analysis of the Situation in Puerto Rico
Full Committee | 1324 Longworth House Office Building, Washington, D.C. 20515
View All Events