More oil, gas, no new taxes, in GOP budget

Developing more domestic oil and natural gas projects and backing the Keystone XL pipeline will help balance the U.S. budget, said U.S. Rep. Paul Ryan.

Ryan, R-Wis., last year's Republican Party vice presidential candidate and chairman of the House Budget Committee, offered a preview of a budget plan in a column published by The Wall Street Journal.

He said Republicans plan to introduce legislation that will balance the federal budget within 10 years without raising taxes.

Ryan's proposal includes entitlement reforms and plans for about $41 trillion in government spending through 2023. That's $5 trillion less than the status quo, he writes.

On energy, his budget plan mirrors legislation supported by party members that calls for more oil and natural gas development on federal land.

"America has the world's largest natural gas, oil and coal reserves -- enough natural gas to meet the country's needs for 90 years," he writes. "Yet the administration is buying up land to prevent further development."

U.S. President Barack Obama said oil and gas production are at historic highs under his "all-of-the-above" energy policy. His critics, however, said that's in part because of policies enacted under former President George W. Bush.

Ryan added that if Obama signs off on the Keystone XL pipeline, as many as 20,000 people would find new jobs. Critics of the pipeline say the environmental risks associated with the type of Canadian crude oil designated for the project are severe.