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Oil companies could get 10 more years to drill on their Arctic leases, under a provision in a broader offshore drilling bill advancing in the Senate.
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.
For coastal states to support offshore drilling near their shores, they have to glean some of the dollars tied to that activity, North Carolina’s governor told OTC.
Former Sen. Mary Landrieu, D-La., took aim at the plan in her first statement since losing reelection last December.
In his $4 trillion budget request to Congress, Obama also says he wants to change the way money from offshore oil and gas production is shared with Gulf Coast states, by diverting more of those dollars to national programs with “broad” natural resource and conservation benefits.
Forty-two oil and gas companies will make plays for new Gulf of Mexico territory on Wednesday, in a closely watched, high-stakes auction of U.S. drilling rights that is viewed as a test of the industry’s appetite for offshore projects despite a drilling boom that is unfolding mostly on land.
A congressional proposal to give coastal states a greater share of government royalties tied to oil and gas drilling would increase the federal debt by more than $49 billion over the next three decades, according to new analysis set to be released Friday.
Sen. Mary Landrieu isn’t picking a fight with Wyoming, and she says she has nothing against the Great Plains state. But the Democratic senator from Louisiana insists Wyoming is exhibit A in an argument that coastal states are getting a raw deal when it comes to collecting federal dollars tied to energy development.
The federal government would be forced to make decisions on offshore drilling before fully scrutinizing how the work would affect coral and other ocean life under legislation advancing in the House, conservationists and a marine biologist warned Congress on Tuesday.
Texas Gov. Rick Perry and five fellow Republicans from other coastal states on Monday implored the Obama administration to open new areas for offshore drilling, saying the change would give a jolt to the U.S. economy by spurring jobs and spending.