Oct 24 2019
WASHINGTON, D.C. –U.S. Sen. John Kennedy (R-La.) announced today that the State of Louisiana will receive $101.33 million through the Gulf of Mexico Energy Security Act (GOMESA), which directs a percentage of Gulf energy revenues and disbursements back to Louisiana.
This funding will support conservation efforts and coastal restoration in Louisiana bringing new jobs to the state. Louisiana’s beautiful coast fuels the economy through tourism, fishing, hunting and other industries that can’t survive without a healthy coastline.
Gulf energy production continues to increase driving American energy independence and generating more revenue for the country. As these revenues increase, it’s vital that Louisiana receives a greater revenue share to invest back into coastal restoration.
Sen. Kennedy cosponsored the COASTAL Act of 2019 that will increase energy revenue sharing for Gulf states by eliminating the GOMESA revenue sharing cap. Under the current cap, revenue shares for Louisiana, Alabama, Mississippi and Texas are capped at $500 million. This legislation also gives Louisiana a bigger cut of the revenues by increasing revenue shares for Gulf Coast states from 37.5% to 50%.
“Louisiana is one of the top energy producers in the country, and these revenues generated from Gulf energy production will support critical coastal restoration in Louisiana,” said Sen. Kennedy. “As energy production increases, Louisiana deserves a greater share of the revenue. This legislation helps put money into coastal restoration to ensure the health of our coastline for decades to come.”