Report: CBO miscalculated expanded drilling revenues

02/5/2013 | Hill, The

Potential revenues from giving oil and natural gas drillers more access to public lands are far greater than the Congressional Budget Office's estimates, according to the Institute for Energy Research. The country's gross domestic product would increase by $127 billion annually for the next seven years via expanded development, the IER report determined. "[W]hile the Administration cannot shy away from exploring the fiscal benefits of opening Federal lands, the CBO study was restricted to analyzing just one component of those benefits: lease revenues," the report stated.

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Hill, The

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