Gulf States Get Offshore Deal

Wednesday, December 13, 2006
The last bill passed by the 109th Congress will give Louisiana, Texas, Alabama and Mississippi opens about eight million acres in the Gulf of Mexico to oil and gas drilling, but the bill's landmark aspect was a deal that diverts 37.5 percent of federal royalties from future drilling to the four Gulf of Mexico states.. The accord could ultimately be worth $650 million a year for Louisiana. Foes of the legislation fear it will lure states opposed to offshore drilling such as California, Virginia, Florida and North and South Carolina into supporting exploration off their shorelines in return for a gusher of new revenue. Louisiana’s governor has said that the legislation will help Louisiana restore coastal wetlands and take measures to protect such energy infrastructure as ports, pipelines and oil refineries. In fact, the state has amended its constitution to restrict use of the money to those purposes. Opponents of the bill call it fiscally irresponsible and say that any royalties from drilling in federal waters, which begin three miles from shore and extend up to 200 miles out, belong to the federal government. Those are the boundaries Congress drew in 1953 and the Supreme Court affirmed. Given the size of the federal budget deficit and future Social Security and Medicare obligations, many lawmakers say the federal government is in no position to give away big revenue streams. (Source: Washington Post)

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Euroseas Sells C/V Marinos

Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

Bill on Danish Maritime Planning Submitted

The bill is to form the basis of a maritime planning act intended to promote economic growth and development of sea areas. The Danish Maritime Authority is to head the work.

Plans to Create Rio Doce Fund

Vale and BHP Billiton announced today plans to work together, with Samarco, to establish a voluntary, non-profit fund to support the rescue and recuperation of the Rio Doce river system,


Sandra Weakens to Tropical Storm off Mexico's Coast

Hurricane Sandra weakened to a tropical storm on Friday and was expected to continue losing strength as it approached Mexico's Pacific coast, the U.S. National Hurricane Center (NHC) said.

Extended Warranty from Yanmar for Sailboat Engines

Yanmar Marine International B.V. has introduced an extended 3 years’ period of YANMAR Limited Warranty for Sailboat Engine Models. This extended warranty of

Fugro's Havila Harmony to join MH370 Search

Fugro is providing an additional vessel, the Havila Harmony, to join the search for the missing flight MH370 in the southern Indian Ocean. From the 93-metre multi-role vessel,

Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1328 sec (8 req/sec)