CBO affirms Checks and Balances Project analysis – Lamborn oil shale bill will create zero revenue
February 8, 2012 Leave a comment
The nonpartisan Congressional Budget Office (CBO) finished scoring Rep. Doug Lamborn’s PIONEERS Act today. They’ve determined: “Enacting the legislation would not affect revenues.”
Read the CBO report.
Lamborn’s bill, H.R. 3408, would direct the Secretary of the Interior to provide oil and gas companies with two million acres of public lands, to be used for oil shale speculation. Speaker John Boehner included the legislation as part of the American Energy & Infrastructure Jobs Act to fund repairs to and improvements of America’s transportation infrastructure.
Unfortunately for Rep. Lamborn and the Speaker, the CBO’s determination matches what we’ve been saying for months at The Checks and Balances Project, oil shale and the Lamborn bill will create zero energy and zero effect on revenue. A government handout of two million acres of public land to oil companies so they can keep pursuing oil shale speculation won’t make the taxpayers any money. It will just help boost oil company land holdings, so CEOs can impress stockholders.
Here’s what we now know about oil shale:
- Industry executives are saying the earliest commercial oil shale might be developed is a decade.
- Industry and politicians have claimed that oil shale is “just around the corner” for 100 years.
- It could jeopardize Colorado’s drinking water supplies.
- It won’t generate any revenue for the nation’s crumbling transportation infrastructure.