Louisiana has formed a coalition of public officials and business and industry leaders with a goal of increasing the state’s share of revenue from Gulf of Mexico oil leases.
The state, along with Mississippi, Alabama and Texas, receives a portion of the federal money through Gulf of Mexico Energy Security Act, or GOMESA. That money is used for the state’s coastal restoration and hurricane protection projects, Thibodaux news site dailycomet.com reports.
The four states split 37.5% of the revenue generated by the leases with 50% returning to the U.S. Treasury and 12.5% toward the Land and Water Conservation Fund, which helps the federal government safeguard areas such as national parks and forests.
New legislation proposed in both the House and Senate would increase the GOMESA states’ share to 50% to match that of inland states’ share of onshore drilling. It also removes the $500 million cap that Gulf states can receive and provides new authorized uses for the money, such as ecosystem restoration and flood damage prevention.
The coalition formation was announced last week during the Coastal Protection and Restoration Authority, or CPRA, board meeting. Cameron Parish Port Executive Director Clair Marceaux is helping to lead the coalition, the Thibodaux news site reports.