[Congressional Record Volume 161, Number 173 (Tuesday, December 1, 2015)]
[Senate]
[Page S8236]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       CBO COST ESTIMATE--S. 2011

  Ms. MURKOWSKI. Mr. President, in compliance with paragraph 11(a) of 
rule XXVI of the Standing Rules of the Senate, the Committee on Energy 
and Natural Resources has obtained from the Congressional Budget Office 
an estimate of the costs of S. 2011, the Offshore Production and 
Energizing National Security Act of 2015, as reported from the 
committee. I respectfully ask unanimous consent that the summary of the 
opinion of the Congressional Budget Office be printed in the 
Congressional Record. The full estimate is available on CBO's Web site 
www.cbo.gov.
 There being no objection, the material was ordered to be printed in 
the Record, as follows:

               Congressional Budget Office Cost Estimate


 S. 2011--Offshore Production and Energizing National Security Act of 
                                  2015

                           (October 6, 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-Ill 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 2 institutions of higher education, 
     also would benefit from receipt sharing and grant programs 
     funded by leasing revenues.
       The bill contains no private-sector mandates as defined in 
     UMRA.

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