Brookings Institution forum on Revenue Watch 2013 Resource Governance Index. Revenue Watch Institute President Daniel Kaufmann, State Department Special Envoy and Coordinator for International Energy Affairs Carlos Pascual to speak.
The White House is suggesting the Energy Security Trust fund can win bipartisan support in Congress, but it will take oil drilling in new offshore areas to get Alaska Sen. Lisa Murkowski as an ally.
In her role as the ranking Republican on the Senate Energy and Natural Resources Committee, Murkowski could be a key backer of President Barack Obama's $2 billion proposal. But she disagrees that it can be paid with revenues from existing Gulf of Mexico and Alaska waters without increasing the budget deficit, as the president has suggested.
The Congressional Budget Office's estimate of potential revenue from expanded oil and gas leasing in federal areas was far too conservative, underestimating the potential budget impact by billions of dollars, according to an analysis issued Tuesday by the industry-backed Institute for Energy Research.
The IER-funded review by Louisiana State University economist Joseph Mason found that opening federal areas to leasing would generate an additional $24 billion annually in tax revenues initially, growing to $99 billion annually over 30 years.
The oil industry weeks ago made it clear that it was preparing to defend its exploration and production incentives during an expected comprehensive tax reform battle next year. But that fight may be coming much sooner than the industry hoped.
ClearView Energy Partners said in its latest research memo on Monday that industry tax breaks are "at risk" of being made part of a potential fiscal cliff deal between President Barack Obama and House Speaker John Boehner.
Republicans may be joining the ranks of Democrats in calling for cuts to oil subsidies after the election, Politico reports. House Energy and Commerce Chairman Rep. Fred Upton, R-Mich., most notably argued that the subsidies should be eliminated completely.
North Dakota state Rep. Shirley Meyer, D-Dickinson, is supporting a proposed tax break for oil refining that would exempt oil from the states’s 6.5 percent extraction tax if the oil is processed at a North Dakota refinery, The Associated Press reports.
Liberal watchdog group Checks and Balances Project said the State Department inspector general is investigating potential conflicts of interests in the department's environmental review of the Keystone XL pipeline, The Hill reports.