Politico: “‘Drill, Baby, Drill Will Not Work’: GOP Budget Plans Meet Reality”
RFF Fellow Brian C. Prest comments on the federal plan to earn revenue through increased oil and gas production.
Federal data from the Interior Department’s Office of Natural Resources Revenue show bonus payments drive far less revenue to the Treasury than royalties from producing energy on that land. Through fiscal years 2017 through 2021—overlapping Trump’s first term—those bids generated $3.7 billion in revenue.
“It’s hard to believe that these kinds of policies would have significant pay-fors,” said Brian Prest, a former Congressional Budget Office staffer now at think tank Resources for the Future.
