U.S. Senator Mary L. Landrieu, D-La., today commended Rep. Jeff Landry, R-La., for successfully passing an amendment to H.R. 4480, the Strategic Energy Production Act of 2012, to lift oil and gas revenue caps for coastal states. Revenue is currently capped at $500 million per year, or $5 billion over 10 years. Rep. Landry's amendment would lift these caps to $750 million starting in fiscal year 2023. This legislation passed the House of Representatives today.
"I commend Congressman Landry for passing this important amendment to advance the goal of bringing more offshore oil and gas revenues to coastal states--particularly Louisiana--that host energy production," Sen. Landrieu said. "We need leaders who will work to lift the cap on oil and gas revenues for the benefit of our coastal communities."
In 2006, Sen. Landrieu successfully passed the Domenici-Landrieu Gulf of Mexico Energy Security Act (GOMESA). For the first time, this law secured a 37.5 percent share of offshore oil and gas revenues for Louisiana. Rep. Landry's efforts are an important part of the continued push to raise these caps and direct more revenues to coastal states.