The House of Representatives approved legislation on Thursday that would eliminate red tape surrounding oil and natural gas production that included an amendment introduced by Rep. Bill Cassidy (R-La.) to increase state revenue sharing.
Cassidy’s amendment would increase the revenue sharing cap imposed on gulf coast states under the Gulf of Mexico Energy Security Act (GOMESA Act) from $500 million to $1 billion.
GOMESA provides states along the Gulf of Mexico with 37.5 percent of revenue generated from offshore energy production, but it mandates a $500 million cap.
“Louisiana is a leading oil and natural gas producer,” Cassidy said. “There are commonsense solutions that would allow us to take advantage of our natural resources and expand our energy, manufacturing and construction industries. These reforms, partnered with lifting the revenue sharing cap, will strengthen our coastal infrastructure, increase revenue, and expand jobs for working families.”
Additional revenues generated for Louisiana and other coastal states from the offshore energy-sharing program could be used for coastal restoration and hurricane protection efforts, Cassidy previously said.
The House approved Cassidy’s amendment along with the Lowering Gasoline Prices to Fuel an America That Works Act. The measure would require the Obama administration to move forward with additional oil and natural gas lease sales to increase offshore energy production. The legislation would also increase onshore energy production by streamlining government regulations for oil and natural gas projects on federal lands.
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