Offshore Revenue Sharing Legislation Passes U.S. House
The U.S. House of Representatives has passed H.R. 2231, the 'Offshore Energy and Jobs Act'.
The legislation would open new offshore areas to exploration by requiring the Obama Administration to create a new five year leasing plan for the United States’ offshore energy resources in areas containing the most oil and gas potential. Additionally, it would create a fair and equitable offshore revenue sharing program for coastal states like Alaska.
“Once again the House of Representatives continues to lead the way when it comes to increasing domestic energy production. Today’s legislation would expand American offshore energy development, including more leasing in Alaska’s Beaufort and Chukchi Seas,” Alaskan Rep. Congressman Don Young said. “This bill would also provide for offshore revenue sharing for Alaska, who like other coastal states outside the Gulf of Mexico, currently receive none. Alaska would be entitled to 37.5 percent of all revenue generated through offshore development, which could mean billions of dollars into the State treasury.”
He continued: “Last Congress the House passed similar legislation, but like most good pieces of energy legislation beneficial to Alaska, it died in the Democratic controlled Senate. The bill that passed today received bipartisan support, and did so because it contained provisions such as allowing revenue sharing throughout the country, not just a specific state or region. I look forward to continuing to work with my colleagues in the House to pass more energy bills that move this great nation toward true energy independence.”