Coastal states launch new bid for offshore drilling dollars – Fuel Fix

Senators from Texas, Alaska and other coastal states have launched a fresh campaign to siphon off more of the revenue that flows to the federal government from offshore drilling.

Four Gulf Coast states already collect some of the royalty revenue that companies pay the federal government for oil and gas extracted offshore, but they want more. And for political leaders in Atlantic states that anticipate offshore oil exploration in the 2020s as well as those in Alaska, where exploratory drilling is expected this summer, the issue is critically important.

The Cassidy bill would lift that $500 million revenue-sharing cap for Louisiana, Texas, Mississippi and Alabama, with about $700 million annually from 2018 to 2025 and $1 billion annually from 2026 to 2055 expected to flow to the states.

via Coastal states launch new bid for offshore drilling dollars – Fuel Fix.