Libertarian Funding and Registration Seeing HUGE Spike
Instead of enjoying Arby’s and waiting for SMOD, it would appear that many people haven’t taken to nihilism just yet.Read More »
Sen. David Vitter (R-La.) wants the Obama administration to provide Congress with data on the federal government’s offshore drilling revenue — information that would show just how much President Obama’s anti-drilling policies are impacting the budget.
Based on recent projections from the U.S. Energy Information Administration, production in the Gulf of Mexico is expected to drop this year by 220,000 barrels per day. With oil currently at $90 a barrel and the government’s royalty rate at 18.75 percent, that equals $3.7 million in lost federal revenue each day.
Last fall Vitter asked the Interior Department to share revenue figures, but Interior Secretary Ken Salazar ignored the request. Now, Vitter is taking his case directly to the White House.
In a letter to Office of Management and Budget Director Jacob Lew, Vitter and Rep. Jeff Landry (R-La.) called attention to recent reports that credit rating agencies are keeping a close eye on the U.S. government.
They also asked Lew to respond to seven questions related to domestic energy production:
Vitter said months ago that lost revenue from offshore drilling is exacerbating the federal deficit. With a debate looming over the debt ceiling, he’s now pressing his case.
“As the United States rapidly approaches its debt ceiling, we appreciate your timely response to this letter to inform all members of Congress how the federal government is harnessing or limiting its energy sector’s ability to contribute to our overall economy,” Vitter and Landry wrote in their letter to Lew. “These figures and statistics would go a long way to helping us all make a clearer, more informed decision.”