Murkowski Introducing Federal Offshore Revenue Sharing Bill Wednesday
Senator is Lead Republican with Mary Landrieu (D-LA) Sponsoring “FAIR Act”
WASHINGTON, D.C. – Senators Lisa Murkowski and Mary Landrieu (D-LA) tomorrow will introduce the Fixing America’s Inequality with Revenues (FAIR) Act – designed to ensure all energy-producing states receive a fair share of the revenues they help produce while also encouraging investments in clean energy and conservation.
“The federal treasury benefits from the royalties and taxes on production in federally owned waters off Alaska’s coast. Providing a portion of that money to Alaska would help the state strengthen its emergency response capabilities and build critical infrastructure, such as airfields, deep-water ports, and docks that will help safely open the Arctic, which will further increase federal revenues,” Murkowski said.
A Capitol Hill press conference is being held at 7am, AKDT. Video of the event will be made available to Alaska soon thereafter.
The FAIR Act provides up to 37.5 percent of all revenues from offshore development to coastal states. This includes revenues from oil and gas, as well as revenues from the development of alternative and renewable energy sources (wind, wave, etc.).
States would automatically receive 27.5 percent of these revenues, 25 percent of which would go to the coastal communities most impacted by offshore development. States are eligible for an additional 10 percent if they establish funds to support projects relating to clean energy or conservation. The bill would also expand revenue sharing onshore to include renewable energy production on federal lands at the same 50 percent share currently given for oil and gas production. The bulk of revenues from offshore development, 62.5 percent, would still flow to the federal government for the benefit of all Americans.