GOP presidential hopeful Mitt Romney is slated to deliver a speech today in which he will advocate for states to have the power to determine whether drilling and mining should occur on federal lands. Under current law, the feds control gas, oil and coal permitting for U.S. lands.
In a speech to be delivered at an oilfield service company in Hobbs, N.M., Romney is expected to call for increased domestic gas, oil and coal production to achieve energy independence.
The Romney campaign released a policy paper in advance of the speech, which criticizes President Barack Obama for "intentionally shutting down oil, gas and coal production in pursuit of his own alternative energy agenda."
The Romney campaign promises what it calls "trillions of dollars" in new revenues, but a recent Congressional Budget Office report suggested opening nearly all federal lands to drilling would yield only $7 billion in federal revenue over the next decade.