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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.
Sen. Mary Landrieu takes over the chairmanship of the Energy and Natural Resources Committee, giving the Louisiana Democrat a boost in her reelection campaign and putting an oil industry ally in a powerful Senate role.
The federal government collected a near-record haul in fees and royalty payments from oil and gas drilling on public lands and U.S. waters during the last fiscal year, the Interior Department announced Tuesday. All told, the federal government collected $14.2 billion from the activity; Texas’ share was $17 million.
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.
Congress can do more to advance offshore drilling in the Gulf of Mexico and Atlantic Ocean while boosting the economies of coastal states, eight governors said Friday.
The House on Friday passed legislation that would expand offshore drilling by forcing the federal government to swiftly sell new oil and gas leases along the coasts of California, South Carolina, Virginia and any other states where governors say they want the work.