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Congress discusses expanded oil and gas drilling as source of transportation funding

Posted By Wayne Grayson On March 29, 2013 @ 1:18 am In Construction News | No Comments

North Dakota Oil rig [1]

An oil rig is shown on near Williston, North Dakota. Oil extraction discoveries have led to rapid industrial development and job creation in the area. Tom Reichner / Shutterstock.com

With talks in Congress over how to raise transportation funding at a standstill [2], some lawmakers have voiced their opinion that the answer is oil, according to our sister publication Better Roads. [3]

Speaker of the House John Boehner recently called revenues for infrastructure improvements via oil and gas drilling expansions a ‚Äúnatural link.” But some lobbyists are concerned that even expanded oil drilling won’t generated enough money to stabilize the Highway Trust Fund.

And many lawmakers feel that the $4.3 billion over 10 years expanded drilling would raise is still too little to make up for the $15 billion the fund falls short each year.

There is hope for the effort: the Obama administration has embraced an Energy Security Trust proposal that would direct $200 million for 10 years to annual energy lease revenues for research on fuel cells, natural gas and similar technology.

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[1] Image: http://www.equipmentworld.com/files/2012/12/shutterstock_113011099.jpg

[2] With talks in Congress over how to raise transportation funding at a standstill: http://www.equipmentworld.com/congressional-transportation-funding-talks-at-a-stalemate/

[3] according to our sister publication Better Roads.: http://www.betterroads.com/legislators-look-to-expanded-drilling-for-transportation-funding/

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