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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.
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.
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.
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.
The oil and gas industry and their allies in Congress are renewing a campaign to expand drilling along the U.S. coastline.
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.
New Senate legislation would allow Alaska to collect 37.5 percent of federal dollars tied to oil and gas drilling in Arctic waters near the state, the same share that Gulf Coast states are counting on beginning in 2017.
The oil industry’s top ambassador in Washington predicted Congress could move swiftly to give coastal states more revenue collected for energy development near their shores.