Senate committee advances bill to raise $1 bln by opening federal lands for energy development
The Senate Committee on Energy and Natural Resources advanced Wednesday reconciliation legislation designed to raise $1 billion in federal revenues by authorizing limited energy development in the 1002 Area of Alaska’s Arctic National Wildlife Refuge (ANWR).
The legislation is pursuant to the committee’s instruction to raise $1 billion in H. Con. Res. 71, the Concurrent Resolution on the Budget for Fiscal Year 2018. The Congressional Budget Office estimates the legislation will generate approximately $1.1 billion in revenue over the 10-year budget window through rents, royalties and federal taxes.
The budget reconciliation legislation would open 2,000 federal acres in the non-wilderness portion of the ANWR to certain energy development.
“Our bipartisan vote today is another positive step forward for Alaska and our nation, and I thank my colleagues for their strong support,” Sen. Lisa Murkowski, chair of the Senate Committee on Energy and Natural Resources, said. “Opening a small part of the non-wilderness 1002 Area for responsible energy development will create thousands of good jobs, keep energy affordable for families and businesses, ensure a steady long-term supply of American energy, generate new wealth, reduce the federal deficit, and strengthen our national security.”
The legislation was reported favorably out of committee with a vote of 13-10. It now heads to the Budget Committee.
