Posted: Jun 21, 2012 5:17 PM by Tonya LaCoste
Updated: Jun 21, 2012 5:17 PM
The U.S. House of Representatives passed an amendment to increase offshore drilling revenue from $500 million per year to $750 million per year. Offshore drilling revenue will increase in Louisiana, Texas, Mississippi and Alabama. The Domestic Energy & Jobs Act would bring Louisiana approximately $2 billion more in coastal restoration and hurricane protection funding. "As South Louisiana's representative, I know we must do all we can to restore and protect our coast; and I am proud to report passage of my legislation today," said Congressmen Jeff Landry, R- LA-03. "My amendment not only returns more offshore revenues to the coastal states that produce our country's energy but it also helps fund much-needed coastal restoration and hurricane protection projects," said Landry.
In 2006, Congress passed the Gulf of Mexico Energy Security Act - which secured 37.5% of offshore oil and gas revenues for Louisiana, Texas, Mississippi and Alabama but capped revenues shared with Gulf states at $500 million per year. Conversely, under the Mineral Leasing Act, onshore energy producing states have historically received 50% of revenues generated from royalties and bids for onshore production and have no cap on the amount shared.
"There is no reason that offshore producing states should not receive the same vital benefits as onshore producing states," said Landry - who added a similar amendment to House-passed H.R. 3408 earlier this year. "I will continue adding this provision to every applicable bill until the Senate adopts it and joins my fight for more coastal restoration and hurricane protection."
For audio and video of the House floor debate on Landry's amendment, go to http://youtu.be/zGC0yyXG52Y.