Cassidy Announces $101M in Energy Revenue Sharing for Louisiana
WASHINGTON - U.S. Senator Bill Cassidy, M.D. (R-LA), chairman of the Senate Energy Subcommittee, announced that Louisiana is receiving more than $101 million in revenue sharing from energy produced in the Gulf of Mexico during FY19.
The funds are part of $11.69 billion in total revenue sharing funds that are being distributed to states that produce energy on federal, American Indian-owned lands and offshore areas. The total amount represents a 31 percent increase over last year and a 66 percent increase over FY17 as the result of President Trump and Congress’ pro-energy development policies.
Cassidy celebrated the increase in energy production-related funding. However, Coastal states still only receive 37.5 percent of offshore energy production revenue compared to states that receive 50 percent of energy produced onshore.
“The men and women of Louisiana who produce offshore energy fuel the nation and the world. This increased revenue is vital for our state’s efforts to rebuild our coastline,” said Dr. Cassidy. “Louisiana should receive the same percentage of revenue for offshore energy production as states that receive funds from onshore production.”
Cassidy introduced the COASTAL Act in August to remove the GOMESA revenue sharing cap and increase revenue shares for Gulf Coast states from 37.5 percent to 50 percent.
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