GOP Offshore Lease Bill Would Net Gov't $600M, CBO Says

Law360, New York (July 20, 2012, 7:15 PM EDT) -- A Republican congressional effort to force the U.S. Department of the Interior to open up new offshore blocks for oil and gas drilling got a boost Friday, when the Congressional Budget Office said it would add about $600 million to federal coffers.

The CBO's assessment of H.R. 6082, which passed the GOP-controlled House Natural Resources Committee on Wednesday, found it would reduce the deficit by $150 million in 2015, $135 million in 2016 and $235 million in 2017. The ramp-up accounts for the time it takes...
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