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  • bluecheese4u bluecheese4u Apr 10, 2013 8:08 PM Flag

    White House proposes royalty, permitting changes on energy development

    White House proposes royalty, permitting changes on energy development

    By Zack Colman - 04/10/13 01:11 PM ET

    The fiscal 2014 White House budget proposal released Wednesday seeks to raise Interior Department revenues through higher royalty rates on energy production and bolstering enforcement of lease terms.

    The Obama administration has put a renewed emphasis on the $2.5 billion it predicts the alterations would raise through 10 years.

    That’s because a portion of those funds would go toward President Obama’s plan for a research fund for alternative fuel and vehicle technology, which faces an uphill slog against Republican opposition.

    Interior Secretary Ken Salazar called the so-called "Energy Security Trust" a "critical proposal by the president."

    The trust would create a dedicated basic research fund designed to spur innovations to wean the transportation sector off oil.

    The administration wants $2 billion from offshore oil-and-gas revenues through the next decade for the trust, which Salazar said would be offset by other revenues. Those funds would come from the proposed permitting and royalty changes, already scheduled offshore leases and anticipated oil-and-gas price increases.

    Despite Salazar's promise of offsets, Republicans are unlikely to agree to let those funds go to the trust rather than the general Treasury, which is their current destination.

    The GOP would probably require the administration to expand federal oil-and-gas drilling as a condition for approving the trust. But the White House has said it won't do that, even as a compromise to secure approval for the trust.

    The budget reiterated that by touting the president’s five-year offshore leasing plan, which the administration says makes 75 percent of recoverable resources available for drilling.

    Overall, Interior’s budget would hit $11.7 billion, a 4 percent...


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