WASHINGTON– The Senate Energy and Natural Resources Committee (ENR) today held a hearing on legislation by U.S. Senator Bill Cassidy, M.D. (R-LA) to increase Louisiana’s share of revenues generated by offshore energy production.
Coastal states receive only 37.5 percent of revenues from energy produced in federal waters under the Gulf of Mexico Energy Security Act (GOMESA). Cassidy’s COASTAL Act raises that figure to 50 percent to bring it in line with the revenue percentage states receive from onshore production. The hearing provided Cassidy an opportunity to present merits of his bill ahead of potentially scheduling a vote.
Louisiana dedicates GOMESA funds to pay for projects to preserve and restore the coastline and its ecosystems.
“We in Louisiana get far less than those who are onshore. We’re going to use this money to strengthen environmental protections, to rebuild our coastline, to rebuild communities, and to protect those ecosystems,” said Dr. Cassidy, a member of the ENR Committee and chairman of the Senate Subcommittee on Energy.
The bipartisan COASTAL Act has been cosponsored by five other senators from states that also generate offshore energy including ENR Chairman Lisa Murkowski (R-AK), John Kennedy (R-LA), Dan Sullivan (R-AK), Roger Wicker (R-MS) and Doug Jones (D-AL).
Download video of Cassidy discussing his bill here.
View the hearing here.