Federal Offshore Oil and Gas Revenues During the COVID-19 Pandemic [September 16, 2020] [open pdf - 470KB]
From the Document: "Since March 2020, the Coronavirus Disease 2019 (COVID19) pandemic and accompanying recession have reduced demand for oil and natural gas, resulting in lower prices and decreased production. These changes affect revenues paid to the federal government from oil and gas leasing on the U.S. outer continental shelf (OCS). Federal revenues from OCS oil and gas include bonus bids from lease sales, rents paid prior to production on leases, royalties collected during production, and other fees. A portion of federal offshore oil and gas revenue is shared with coastal states under the Outer Continental Shelf Lands Act (OCSLA; 43 U.S.C. §§1331-1356b) and the Gulf of Mexico Energy Security Act of 2006 (GOMESA; 43 U.S.C. §1331 note). The revenues also fund multiple federal programs and contribute to the General Fund of the Treasury."
CRS In Focus, IF11649
Congressional Research Service: https://crsreports.congress.gov/