'Equal treatment' bill for GC states

U.S. Senators Bill Cassidy (R-La.) and Lisa Murkowski (R-Alaska) introduced a Senate bill (S. 2418) - Conservation of America’s Shoreline Terrain and Aquatic Life (COASTAL) Act  - last week to amend the Gulf of Mexico Energy Security Act of 2006 (GOMESA) that would modify the current offshore energy revenue-sharing program in the Gulf and create a new revenue sharing program for future offshore energy production in Alaska. Louisiana constitutionally dedicates revenues from offshore energy production to pay for conservation, restoration, and environmental projects to preserve and restore its eroding coastline. Under current law, GoM states only receive a 37.5 percent share of revenues from energy produced in federal waters – some other U.S. coastal states receive 50 percent. The proposed legislation “creates equal treatment” - for coastal offshore revenue sharing and secures funds needed to strengthen Louisiana’s coastal restoration efforts, Cassidy said in a media release. The duo were joined in introducing the legislation by Sens. John Kennedy (R-La.), Dan Sullivan (R-Alaska), Roger Wicker (R-Miss.), and Doug Jones (D-Ala.). In 2018, the Department of Interior distributed more than $8.9B in revenues from natural resource extraction. Onshore state and local governments received more than $1.5B (17.7 percent). GoM coastal states shared about $188M (2.1 percent). One hundred percent of revenue collected on Native American lands ($1.2B in 2018) sent back to tribes, nations, and individuals. The COASTAL Act would also increase the revenue available for the Land & Water Conservation Fund’s financial assistance to states. Under current law, the Fund receives 12.5 percent of GoM-generated revenues. Cumulative dollars available to GOMESA states and the Fund are capped at $500M. The COASTAL Act would eliminate the cap. (Source: Work Boat 08/06/19)