Saturday, September 30, 2006

My Offshore Oil Revenue Sharing Compromise

Since the House and Senate seem to need a little help.

No new drilling anywhere off any coast.

From all existing oil and gas drilling, divide the revenue as follows:

50% of offshore royalties from all oil and gas goes to state where extraction occurs to be used how the state sees fit (in federal waters, it would be the state with seaward boundaries adjacent to where extraction occurs)

40% goes to a federal fund dedicated to coastal restoration and hurricane protection in states that allow drilling

10% goes to the U.S. Treasury to be used as Congress sees fit
That way, no one gets offshore drilling they don’t want. The states who give up the most to have drilling off their coasts get the most back. And everybody gets a little bit of the profit.

My offshore oil revenue sharing compromise mirrors the MMS’s division of onshore royalties:
Distribution of revenues associated with onshore federal lands is split 50-40-10, with 50 percent of the money going directly to the state within which the specific lease was located. Forty percent is sent to the Reclamation Fund of the U.S. Treasury. This special account finances the Bureau of Reclamation's water projects in 17 western states. The remaining 10 percent goes to the Treasury's General Fund.

4 comments:

oyster said...

Works for me. But I think we'd have to get enough votes on this "imprudent" compromise to override a Presidential veto.

mominem said...

I'd vote for this one. Of course I don't have a vote.

BTW I posted this earlier and it didn't show up. If this is a dup please delete it.

Sue Woo said...

Amen.

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