Employees of Shell Exploration & Production who evacuated from New Orleans before
Hurricane Katrina will come back to the city soon, according to a BizNewOrleans report. Former Louisiana Senator John B. Breaux has attempted to step up pressure on Congress to give Louisiana a larger share of oil and gas revenues from offshore production activity as a means of funding the recovery from the hurricane and flood.
Breaux has proposed creating the Louisiana Oil Producing and Energy Cooperative with the idea of building an informal coalition that can help support revenue sharing for Louisiana in the nation's capital. Breaux has been working in Congress for over 30 years on a reasonable way to compensate Louisiana for hosting most of America's combined oil and gas production, refinery and transportation systems. During that period, the prospect of sharing royalties on offshore oil production has been turned back repeatedly.
Source: BizNewOrleans