Repeal the statutory caps on direct spending of offsetting receipts derived from certain oil and gas leases in the Gulf of Mexico
Authorize the spending of 62.5 percent of the proceeds from leases issued since 2000 in the Gulf of Mexico without further appropriation
Exempt payments to states derived from federal leases in the Gulf of Mexico from budget sequestration orders
Authorize the spending of 50 percent of the proceeds from certain oil and gas leases issued in the Alaska region of the Outer Continental Shelf (OCS) without further appropriation
Convey an additional 1 percent of the proceeds from onshore oil and gas leases to states, without further appropriation.
Estimated budgetary effects would primarily stem from
Increasing direct spending of offsetting receipts from oil and gas leases onshore and in the OCS
Areas of significant uncertainty include
The amount of oil and gas that will be produced from leases affected by the bill
The future prices of oil and natural gas
● The amounts companies will pay in the future to acquire new oil and gas leases in areas affected by the bill
