H.R. 702 would repeal certain restrictions on the export of domestically produced crude oil and would prohibit any federal official from imposing or enforcing any such restrictions. It also would direct the Secretary of Energy to conduct a study on the purpose, size, and types of oil in the Strategic Petroleum Reserve (SPR).
CBO estimates that enacting this legislation would reduce net direct spending by $1.4 billion over the 2016-2025 period by increasing offsetting receipts from federal oil and gas leases. CBO estimates that requiring the Department of Energy to prepare a report on the SPR would have no significant effect on spending subject to appropriation because that analysis is being done under current law. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending. Enacting the bill would not affect revenues.
CBO estimates that enacting H.R. 702 would not increase net direct spending or on-budget deficits by $5 billion or more in any of the four consecutive 10-year periods beginning in 2026.
H.R. 702 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments.