The Senate Energy and Natural Resources Committee held a hearing on legislation introduced by 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 wants to raise that figure 50 percent to bring it in line with the revenue percentage states receive from onshore production.
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 Sen. Cassidy.