By Ben Geman - 07/23/13 06:41 PM EDT
The bill would accelerate and expand the oil and gas revenue sharing for Gulf of Mexico states that was first created in a 2006 law, raising and eventually abandoning the $500 million annual cap.
“We note that the cost to the Treasury of eliminating the cap would be significant, and based on current revenue projections and trends, would eventually be in the billions of dollars annually,” Haze said.
It would also expand revenue sharing to include production from federal offshore leases in Alaska, as well as East Coast and West Coast states where oil and gas leasing might occur offshore in the future.
The bill would provide coastal states with 37.5 percent of revenue, some of which would support green energy projects and research and development, efficiency and conservation.
In addition, it provides onshore states a 50-percent share of revenue from green-energy development on federal lands within their borders.