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Public Statements

Protecting Investment in Oil Shale the Next Generation of Environmental, Energy, and Resource Security Act

Floor Speech

By:
Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. LANDRY. Mr. Chairman, this is a bipartisan amendment offered in cooperation with my good friend, the gentleman from Louisiana, Mr. Cedric Richmond.

As the gentleman said earlier, Louisianians invented offshore oil exploration, and it has been drilling off its coast ever since the mid-1940s. Yet, for the first 60 years of drilling off the coast of Louisiana, our State and other Gulf Coast States had received no money--not a dime--from the revenue derived from these wells.

Starting in 2007, Congress passed an act called the Gulf of Mexico Energy Security Act. This act provided that a small portion of offshore revenues would finally start to trickle in to our Gulf Coast States. Those of us in the Gulf Coast States will continue to receive a small portion of those revenues through 2017 when, at that time, we will start to receive the 37.5 percent of the offshore revenue of each of those wells producing at that time. However, in GOMESA, it included a cap so that, collectively, those four Gulf Coast States could never receive more than a collective amount of $500 million.

As the current bill is now going to provide revenue sharing without a cap for additional States, we are simply asking for fundamental fairness here in that the cap of $500 million be raised to $750 million. That's what this amendment does. This amendment simply raises the collective cap amongst those four States from $500 million to $750 million, reminding everyone that there will be no cap on the additional States.

I reserve the balance of my time.

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