Arctic Oil and Gas Leasing

Arctic Oil and Gas Leasing

Energy & Natural Resources,  | Analysis
May 8, 2020  | 1 min read | Print Article

The 2017 Tax Bill brought sweeping changes to the federal tax code and included massive tax cuts worth more than $1 trillion over a decade. In an effort to offset these costs, Congress opened the Arctic National Wildlife Refuge (ANWR), known as the 1002 Area, to oil and gas leasing for the first time. Although Congress estimated new revenue from the leases would total $1 billion, based on our analysis of potential revenues from leasing the 1002 Area, the $1 billion-dollar figure is nothing but a pipe dream. Realistically, taxpayers can expect about $9-$14 million from oil and gas leasing in ANWR, or less than 2 percent of projected revenues.

Read more about our analysis of federal oil and gas drilling and how taxpayers are not receiving a fair return when selling rights to these valuable federal lands:

Op-ed: Latest Arctic Lease Sale Harbinger of Bad Returns for Taxpayers

Report: Taxpayers Lose on Arctic Drilling

Our Take: 2019 Arctic Leasing Plan Stalled

Inforgraphic: Arctic Oil and Gas Leasing

Op-ed: Drilling in the Arctic Won’t Offset Reconciliation’s Deficit Increase

In the News: The White House Saw Riches in the Arctic Refuge, but Reality May Fall Short

Our Take: House Appropriators Attempt to Secure Arctic Oil Revenues