The following is a Press Release:
For the second time this year, the U.S. House of Representatives passed an amendment by Congressmen Jeff Landry (R, LA-03) that increases the offshore drilling revenue provided to Louisiana, Texas, Mississippi and Alabama from $500 million per year to $750 million per year. The Landry amendment to H.R. 4480, 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 Congressman Landry. "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."
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.