Today, Congressman Bill Cassidy, M.D. proposed an amendment to H.R. 2231 (The Offshore Energy and Jobs Act) that would increase Louisiana's share of offshore oil and gas energy production revenue. Congressman Cassidy released the following statement:
"Louisiana does a lot for America. The development of our energy resources lowers the price of gas at the pump. Our ports, five of which rank in the top 15 in cargo tonnage in America, send goods throughout the nation and ship exports to others. Our rich environment provides ecological balance for the Gulf. The economic activity in coastal Louisiana provides enormous benefits for all Americans.
"This is all threatened by coastal erosion. Louisiana is working aggressively to save our coast. We ask for parity in the share of energy revenue produced offshore similar to the energy revenue produced onshore in other states. My amendment moves Louisiana and other Gulf states closer to achieving that parity. Louisiana will use this money to rebuild our coastline and in so doing protect our citizens and America's energy infrastructure."
Congressman Cassidy's amendment increases the cap on offshore oil and gas energy production revenue Louisiana, Texas, Alabama and Mississippi receive from $500 million to $1 billion every Fiscal Year starting in 2023. This brings Louisiana closer to the share of energy revenue inland states receive.