February 2, 2016

Cassidy, Vitter Remarks on Bipartisan Revenue Sharing Amendment

WASHINGTON— U.S. Senator Bill Cassidy, M.D. (R-LA) joined Sen. David Vitter (R-LA) on the Senate floor to introduce an amendment to the Energy Policy Modernization Act that brings greater equity in revenue sharing for the Gulf states by lifting the Gulf of Mexico Energy Security Act (GOMESA) revenue sharing cap, while allowing mid-Atlantic states and Alaska to share in future revenue from offshore energy production. The amendment is also sponsored by Energy and Natural Resources Chairman Lisa Murkowski (R-AK), Sen. Tim Kaine (D-VA), Sen. Tim Scott (R-SC), Sen. Thom Tillis (R-NC) and Sen. Mark Warner (D-VA).


Read more about the amendment here.


Watch the video here and read excerpts from the transcript below:

“…The amendment is a by-product of the work and bipartisan agreement among members representing the Gulf, the Atlantic and the Arctic regions of our country. I specifically want to thank Senators Murkowski, Warner, Scott, Vitter, Kaine and Tillis for their contribution in our efforts to bring greater equity in revenue sharing from funds derived from offshore energy production.


“For years, energy activities in coastal Gulf States and adjacent offshore waters have produced billions of barrels of oil and trillions of cubic feet of natural gas for American energy consumers. The states along the Gulf Coast, the Arctic and the Atlantic have supported offshore energy development for the rest of the country—providing the support for and paying for the infrastructure needed to bring this energy to market. 


“With all this development, there’s been increased costs associated with supporting this increased traffic. Additional use of local and state resources, as well as transportation corridors such as pipelines, vessels and trucks to get this energy delivered to consumers across the United States. 


“Most importantly, in addition to the critical areas that support this energy supply—in my state in particular—we’re experiencing unparalleled land loss due to federal decisions…


“We can see the effects of this unparalleled land loss when Hurricanes Katrina and Rita hit our coast. There were no longer wetlands to buffer the impact of tidal action. The wetlands had eroded, so when those hurricanes hit, they hit with greater force, causing greater damage to our state.  …All related to decisions made by the federal government. 


“Addressing the historic costs of hosting a capital-intensive industry while ensuring resilient domestic energy supply can only be attained through equitable revenue sharing. Louisiana’s state constitution says that any revenue shared from the federal government, related to drilling off the coast of the Gulf of Mexico, 100 percent is dedicated to coastal restoration. 100 percent. 100 percent dedicated to restoring the wetlands that would prevent another Hurricane Katrina from devastating New Orleans or any other coastal community in our state…


“All energy-producing states deserve to share the revenue derived from energy developed both onshore and offshore. Responsible revenue sharing allows states hosting energy production to mitigate for the historic and prospective infrastructure demands of energy production, and allows states to make strategic investments ensuring future generations of resiliency for this infrastructure and vital natural resources.”


Read more about the amendment here.