The bill covers allowing for oil and gas development of the 10-02 Area of ANWR as well as the Outer Continental Shelf (OCS) and commercial oil shale. 

The central premises behind the No Cost Stimulus bill is to use the nation’s natural resource production taxes and lease royalties to generate revenue for the national coffers that can be used to offset the economic stimulus proposals now being handed out by Congress.  The Office of Management and Budget estimated in 2007 that lease sale royalties and production taxes from the 10-02 Area of ANWR alone would be $4 billion and between $105 -$289 billion dollars.  However in March this year the Congressional Budget Office updated the lease royalty figures and estimated that ANWR would bring in $6 billion in 22 months after opening.  The “No Cost” aspect of both acts comes from the fact that this incoming tax revenue does not come from the pockets of the public, but rather is part of the normal tax process that all oil and gas development operates within.  The bill assumes zero cost to the public, state or federal governments.    Adding in offshore, known as Outer Continental Shelf (OCS), oil tax monies as well as the straight cost of the oil produced on and off shore, Senator Vitter stated that $8.2 trillion, or $273 billion per year could be injected into the nation’s economy over the next 30 years. 

In other energy areas the “No Cost Stimulus” bills would expedite approval of nuclear energy development and prevent the Clean Air Act to be used as a political weapon in the carbon dioxide emissions regulations.
 “This is an energy plan involving both traditional and renewable energy that can create significant jobs, significant economic growth without costing the U.S taxpayer one cent and without having to borrow more money”, said Senator Vitter at the Friday bill announcement. 

The No Cost Stimulus Act proposes to use production and lease tax royalties to help pay for the alternative energy provisions set in place yet left unfunded by the 2005 National Energy Act and the 2007 National  Environmental Policy Act.  This is an idea also put forward in the National Energy Price Reduction Act put forward by Alaskan Congressman Don Young.  It is a way to let our current primary energy sources help to pave the way to develop our next energy source. 

Numerous organizations came forward in support of the two acts:  The National Chamber of Commerce, The National Association of Manufacturers, The Alliance for Worker Freedom, Americans for Tax Reform, the National Black Chamber of Commerce, the American Energy Alliance and the National Taxpayers Union to name a few.

The two bills make the 5th and 6th ANWR bills to be introduced and active on the books of Congress this year.  The bills have been referred to committee for debate.  It will be up to the respective Energy and Natural Resources Committees to pass them to the floor. 

A Press Summary of the Bill can be found here:

Text of the House version can be found here:
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1431:

Text of the Senate version can be found here:
http://thomas.loc.gov/cgi-bin/query/z?c111:S.570:

The House version of the No Cost Stimulus Act 2009 was co-sponsored by 29 other representatives listed below:
 Rep Akin, W. Todd [MO-2] - 3/11/2009
 Rep Bachus, Spencer [AL-6] - 3/11/2009
 Rep Boozman, John [AR-3] - 3/11/2009
 Rep Boustany, Charles W., Jr. [LA-7] - 3/11/2009
 Rep Broun, Paul C. [GA-10] - 3/11/2009
 Rep Burgess, Michael C. [TX-26] - 3/11/2009
 Rep Fleming, John [LA-4] - 3/11/2009
 Rep Foxx, Virginia [NC-5] - 3/11/2009
 Rep Franks, Trent [AZ-2] - 3/11/2009
 Rep Gohmert, Louie [TX-1] - 3/11/2009
 Rep Herger, Wally [CA-2] - 3/11/2009
 Rep Jordan, Jim [OH-4] - 3/11/2009
 Rep Lamborn, Doug [CO-5] - 3/11/2009
 Rep Latta, Robert E. [OH-5] - 3/11/2009
 Rep Lewis, Jerry [CA-41] - 3/11/2009
 Rep McCarthy, Kevin [CA-22] - 3/11/2009
 Rep McCotter, Thaddeus G. [MI-11] - 3/11/2009
 Rep McHenry, Patrick T. [NC-10] - 3/11/2009
 Rep McMorris Rodgers, Cathy [WA-5] - 3/11/2009
 Rep Myrick, Sue Wilkins [NC-9] - 3/11/2009
 Rep Neugebauer, Randy [TX-19] - 3/11/2009
 Rep Pitts, Joseph R. [PA-16] - 3/11/2009
 Rep Radanovich, George [CA-19] - 3/11/2009
 Rep Shadegg, John B. [AZ-3] - 3/11/2009
 Rep Sullivan, John [OK-1] - 3/11/2009
Rep Young, Don [AK] - 3/11/2009

The Senate version of the No Cost Stimulus Bill has 12 co-sponsors listed below:
 Sen Bond, Christopher S. [MO] - 3/11/2009
 Sen Bunning, Jim [KY] - 3/11/2009
 Sen Coburn, Tom [OK] - 3/11/2009
 Sen Cochran, Thad [MS] - 3/12/2009
 Sen Cornyn, John [TX] - 3/11/2009
 Sen DeMint, Jim [SC] - 3/11/2009
 Sen Ensign, John [NV] - 3/11/2009
 Sen Enzi, Michael B. [WY] - 3/11/2009
 Sen Inhofe, James M. [OK] - 3/11/2009
 Sen Risch, James E. [ID] - 3/11/2009
 Sen Sessions, Jeff [AL] - 3/11/2009
Sen Shelby, Richard C. [AL] - 3/11/2009