[StBernard] Landrieu Comments on MMS Proposed Regulations for Revenue Sharing

[Westley Annis]

Landrieu Comments on 

MMS Proposed Regulations for Revenue Sharing
Another important step in revenue 

sharing law secured by Sen. Landrieu in 2006.

 

WASHINGTON - United States Senator Mary L. Landrieu, D-La., today commented
on the regulations proposed by the Minerals Management Service (MMS) for
distribution of revenues according to the Domenici-Landrieu Gulf of Mexico
Energy Security Act. Coauthored by Sen. Landrieu and signed by President
Bush in 2006, the law requires that four states - Louisiana, Mississippi,
Texas and Alabama - receive 37.5 percent of the revenue from new oil and gas
production off their shores. 

The MMS announced that from the years 2008 to 2016, the allocation of
revenues from a newly-opened eight million acres of the Gulf will be divided
amongst the coastal energy producing states in the following proportions:
32 percent to Louisiana, 30 percent to Alabama, 27 percent to Mississippi
and 11 percent to Texas. After the year 2016, the allocation for Louisiana
is estimated to increase sharply, as the coastal states will then begin to
share in revenues derived from the Central and Western Gulf of Mexico.

Sen. Landrieu said:

"This news today is another step forward in Louisiana's long quest for a
fair share of the oil and gas revenues generated off our shores. Thanks to
the landmark legislation Senator Domenici and I ushered into law in 2006,
the billions of dollars Louisiana will receive over time will be able to be
used to rebuild our eroding coastline. 

"According to MMS's proposal, Louisiana will receive nearly a third of the
revenues shared by the four producing Gulf Coast states between now and
2016. After 2016, our percentage will only increase, giving us the
independent revenue stream we need to protect our communities from future
storms."