Options for Increasing Federal Income from Crude Oil and Natural Gas on Federal Lands
Options for Increasing Federal Income from Crude Oil and Natural Gas on Federal Lands

Author:

Publisher:

Published: 2016-05-22

Total Pages: 42

ISBN-13: 9781457873249

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The production of oil and natural gas in the U.S. has increased rapidly. As of 2014, domestic production of crude oil had grown to about half of total consumption, and domestic production of natural gas represented almost 95% of total consumption. Domestic oil and gas production on federal lands or in federal waters off the coast of the U.S. represented about one-fifth of total U.S. production in 2014. Contents of this report: How the Government Currently Manages Access to Crude Oil and Natural Gas on Federal Lands; How Much Income the Government Has Collected from Oil and Gas Leasing; The Current Process for Managing Access to Crude oil and Natural Gas on Federal Lands; Selected Policy Options to Increase Federal Income. Tables and figures. This is a print on demand report.

Federal Income from Crude Oil and Natural Gas
Federal Income from Crude Oil and Natural Gas

Author: Nelson Holloway

Publisher:

Published: 2016

Total Pages: 112

ISBN-13: 9781634858700

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The production of oil and natural gas in the United States has increased rapidly over the past decade. As of 2014, domestic production of crude oil had grown to about half of total consumption, and domestic production of natural gas represented almost 95 percent of total consumption. Domestic oil and gas production occurring on federal lands or in federal waters off the coast of the United States represented about one-fifth of total U.S. production in 2014. The Energy Information Administration (EIA) projects crude oil prices to average in the lower to upper $50 per barrel range through 2015. This lower price, if sustained, may impact long term oil development and lower production volumes. This book focuses on issues and options for federal income from crude oil and natural gas. It discusses potential budgetary effects of immediately opening most federal lands to oil and gas leasing, reviews U.S. crude oil and natural gas production in federal and non-federal areas, and provides a legal framework for offshore oil and gas development.

Oil and Gas Royalties
Oil and Gas Royalties

Author: Frank W. Rusco

Publisher: DIANE Publishing

Published: 2009-02

Total Pages: 44

ISBN-13: 1437909752

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In FY 2007, domestic and foreign co. received over $75 billion from the sale of oil and gas produced from fed. lands and waters. These co. paid the fed. gov¿t. $9 billion in royalties for this dev¿t. The gov¿t. also collects other revenues, and the sum of all revenues received is referred to as the ¿gov¿t. take (GT).¿ The terms and conditions under which the gov¿t. collects these revenues are referred to as the ¿oil and gas fiscal system (OGFS).¿ This report: (1) evaluates GT and the attractiveness for investors of the fed. oil and gas fiscal system; (2) evaluates how the absence of flexibility in this system has led to large foregone revenues; and (3) assesses what has been done to monitor the performance and appropriateness of the OGFS. Illustrations.

The Leasing of Federal Lands for Fossil Fuels Production
The Leasing of Federal Lands for Fossil Fuels Production

Author: Stephen Macdonald

Publisher: Routledge

Published: 2013-10-18

Total Pages: 205

ISBN-13: 113598686X

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Stephen McDonald offers a basic understanding of the goals and practices by which the federal government leases its fossil fuel resources and how these practices affect the economy. Originally published in 1979

Oil and Gas Resources
Oil and Gas Resources

Author: U.s. Government Accountability Office

Publisher:

Published: 2017-08-04

Total Pages: 38

ISBN-13: 9781974242726

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"Why GAO Did This StudyIn fiscal year 2012, companies received over $66 billion from the sale of oil and gas produced from federal lands and waters, and they paid $10 billion to the federal government for developing these resources according to the Department of the Interior. The federal government seeks a fair return on its share of revenue from leasing and production activities on federal lands and waters through the federal oil and gas fiscal system. Under the fiscal system, companies pay royalties, rents, and other payments-payments generally specified in lease terms-and taxes on profits from the sale of oil and gas produced from federal leases. In May 2007, GAO found, based on several studies, that the government received one of the lowest percentages of value of oil and gas produced in the world. In September 2008, GAO found that Interior had not evaluated the federal oil and gas fiscal system for over 25 years and recommended that a periodic assessment was needed.GAO was asked to review Interior's collection of oil and gas revenues. This report examines steps Interior has taken to ensure the public receives a fair return on oil and gas resources since 2007. GAO reviewed applicable law and regulations; examined prior GAO studies, Interior policies and documents; and interviewed officials.What GAO RecommendsGAO recommendations include that Interior establish documented procedures for (1) periodically assessing the fiscal system and ("