A House vote on H.R. 4480, the Strategic Energy Production Act of 2012, also being cited as the Domestic Energy and Jobs Act, has brought a veto threat from the White House and the introduction of 27 amendments from Representatives.

The Congressional Research Service reports that the bill would direct the Secretary of Energy to develop a plan to increase the percentage of federal lands leased for oil and gas exploration, development, and production, and would require that additional federal land be put under production if the Strategic Petroleum Reserve is tapped. The bill also calls for a streamlining of the drill permitting process, and would require the creation of a “Federal Permit Streamlining Project” in every Bureau of Land Management office, as well as language stipulating the advancement of exploration, development, production and transportation of oil and natural gas in the National Petroleum Reserve in Alaska.

House representatives proposed 27 amendments to the bill, including a repeal of fossil fuel subsidies and requiring a commitment to Yucca Mountain as the nuclear waste repository. The Congressional Budget Office estimates that the bill would reduce direct spending by $385 million over the  2013-2022 period, and cost $189 million to implement from 2013-2017, while not impacting revenue. The White House issued a statement strongly opposing the bill and threatening a veto if it passes the House and Senate.

What impacts would this bill have on America’s energy sector? On the environment, economy, and national security?