Romney would open federal lands to drilling. How much oil and gas is there?
The report found that opening up all of these areas would bring in $7 billion in tax revenue over the next decade. Thatís fairly small compared to the $148.9 billion in royalties that the federal government is expected to receive from existing leases.
Why so little revenue? In part because those currently restricted areas donít seem to have much oil and gas compared with whatís already available. Hereís a chart that might help clarify matters: