In today’s Washington Examiner, Robert Bluey of the Heritage Foundation sounds the alarm over the loss of tax revenue usually drawn from drilling in the Gulf of Mexico. In 2009 the industry provided an estimated $19 billion in rent and royalties, along with regular state and federal taxes. Even under intense fiscal pressure, however, federal agencies are delaying both permits and lease sales. In fact, 2011 is set to be the first year since 1965 without any lease sales for the Gulf.
“Billions of dollars in potential oil revenue that could help close the federal deficit is being lost as a result of President Obama’s anti-drilling agenda,” writes Bluey.