WASHINGTON – Today, Congressman Bill Cassidy (R-La.) announced the Cassidy Revenue Sharing Amendment will be included in the Lowering Gasoline Prices to Fuel an America that Works Act. This will lift the revenue sharing cap placed on Louisiana and other Gulf Coast states by the Gulf of Mexico Energy Security Act of 2006 (GOMESA) from $500 million to $1 billion.
Dr. Cassidy has been pushing the Senate to act on lifting this cap to increase the amount of money that Louisiana receives as its share of royalties from oil and gas drilling, but the Senate has not acted in years. Under the Louisiana State Constitution, money received will be spent on preserving our coast.
“Receiving more revenue from the oil and gas produced off Louisiana’s coast must be a priority,” said Dr. Bill Cassidy. “Lifting the cap on revenue sharing means Louisiana would receive billions to be put towards protecting our coastline. By protecting and increasing our energy development, we can grow jobs. This is a major victory for Louisiana and will benefit families for years to come.”
“Louisiana and other Gulf states deserve their share of revenues from increased energy production in the Gulf of Mexico,” said Natural Resources Committee Chairman Doc Hastings. “With Dr. Cassidy’s determination to ensure that this revenue sharing provision was included in this important legislation, every Louisianan and Gulf State resident will benefit from the vast opportunities that America’s energy resources provide.”
The Lowering Gasoline Prices to Fuel an America that Works Act establishes common sense steps to create an all-of-the-above American energy plan using our rich natural resources. It increases offshore energy production by establishing fair revenue sharing, moves forward with new offshore energy production, and reforms the leasing process for onshore oil and natural gas projects on federal land, among other initiatives.