News -> INDReporter MON, JUL 26 9:43AM by Walter Pierce

Accelerated revenue sharing gaining momentum

Sen. Mary Landrieu’s office is hailing as a “big deal” support by two dozen senators for her accelerated sharing of royalty revenues with producing states, according to the Associated Press. Supporters include three fellow Democrats from non-oil producing states as well as GOP Sens. John McCain of Arizona and Oklahoma's Tom Coburn, who signed onto a letter urging acceleration. The bipartisan charge is being led by Landrieu and Sen. Lisa Murkowski, R-Alaska.

The letter reads in part:
Each of us and our constituents hold varying views on offshore energy production in the federal waters seaward of our states. We make no collective statement on such production — some of us would favor it and some of us would not necessarily favor it. We are united, however, in our position that any such production in federal waters must include a program in which affected coastal states and coastal political subdivisions are entitled to a share of the federal revenues resulting from such production.
With the abandonment last week of so-called cap-and-trade climate legislation, Senate Majority Leader Harry Reid says he will bring a bill to the floor this week addressing the BP Gulf spill. The legislation will likely include new drilling regulations and increased liabilities for companies that cause spills. Landrieu is pressing Reid to include accelerated revenue sharing, which, if ultimately approved, would cut into federal revenues, no doubt making it a hard sell for many deficit-conscious lawmakers.

Read the full letter here.

Walter Pierce
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Comments (3)add
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written by Chief Rabbi of Mecca , July 26, 2010 - 01:00 pm
The Democrats have already lost the oil producing states. Why should they bother.
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written by Jason D. Faulk , July 26, 2010 - 02:37 pm
...Because as goes South Louisiana, New Orleans, and the Mississippi River, so goes the country.
The ability to conduct trade is important to Democratic lawmakers and Presidents as well as Republicans. One cannot efficiently empty the heartland of its agricultural and manufacturing bounty without South Louisiana. Without South Louisiana and New Orleans being stable, secure, educated and developed, the country as a whole would suffer, culturally and economically.
The environment is critical too, and as we have seen, the landscape of the environment being stable can provide protection for us far more efficiently and affordably than any man-made systems.
I only hope that in the face of anthropogenic climate change, that we can keep this all in mind. Some efforts at preservation may be moot in a generational time frame.
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written by Latasha Green , July 27, 2010 - 08:38 pm
Anthropogenic climate change? So if I kill myself now, will that help the environment?
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