Federal Offshore Oil and Gas Revenues During the COVID-19 Pandemic [Updated March 8, 2021] [open pdf - 693KB]
From the Document: "The economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic included a reduction in demand for oil and natural gas, resulting in lower prices and decreased production. These changes have affected federal revenues derived from oil and gas leasing on the U.S. outer continental shelf (OCS). Such revenues consist of royalties on oil and gas sold from federal leases, bids at federal lease auctions(known as 'bonus bids'), rents paid prior to production, and other fees. Revenue amounts can fluctuate widely from year to year owing to a mix of factors affecting leasing, prices, and production, with the pandemic being a significant factor during FY2020 and FY2021. Changes in federal offshore oil and gas revenues can affect amounts 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), as well as funding for several federal programs."
CRS In Focus, IF11649
Congressional Research Service: https://crsreports.congress.gov/