A royalty relief measure in the 2005 energy bill is worth millions — not billions.

According to an analysis of the Energy Policy Act of 2005 by the Congressional Budget Office, the waivers for royalty payments on deep water drilling in the Gulf of Mexico and several other provisions in the bill would cost an estimated $203 million over five years.

Even that figure is high, since the budget office did not provide a breakdown of the oil and gas provisions included in the bill. 

Still, that's far, far below the $7 billion figure from a New York Times editorial quoted in a recent TV ad attacking U.S. Sen. Elizabeth Dole.

As noted previously, that article was referring to an earlier royalty relief bill that actually predated Dole's time in the Senate, so the $7 billion figure is wildly inaccurate.

After the jump, the math.

   Comments (0)

North Carolina farmers would receive drought-related disaster funds.

U.S. Rep. Bob Etheridge announced today that a crucial deadline for payments for farmers affected by agricultural disaster had been extended from Feb. 28 to Dec. 31.

That would allow this year's drought to be included.

The Congressional Budget Office has estimated that will cost an additional $600 million.

"Without these funds, farmers may not be able to farm next year, creating a ripple effect where rural economies suffer and consumers face higher prices at the grocery store," Etheridge said in a statement.