Political Quotes

“Mr. President, I wish to speak about legislation I am introducing today that would restore basic fairness to how our Nation shares revenue from energy produced Federal waters. The Alaska Adjacent Zone Safe Oil Transport and Revenue Sharing Act would provide Alaskans with the same share of Federal bonus bid and royalty revenue, 37.5 percent, as residents of Gulf Coast States. This is about fairness and a fix that is long overdue. Alaskans deserve to be treated as well as residents of the Gulf Coast. We bear the risks and the responsibilities of offshore development. It is only fair that we share in the proceeds. Revenue sharing will provide funding for the State of Alaska, local governments and tribes to mitigate effects of development and provide support for public sector infrastructure required to both develop the resources and respond in terms of emergency. The measure distributes to Alaska 37.5 percent of the Federal bonus bids and royalty share from any energy development, fossil or renewable. Of that 37.5 percent; 25 percent is directed to local governments; 25 percent is directed to Alaska Native corporations; 10 percent is directed to tribal governments; and 40 percent is directed to the State of Alaska. Additionally, the Federal share is subdivided with 15 percent of the Federal royalties directed, without further appropriation, to the Land and Water Conservation Fund; and 7.5 percent directly to deficit reduction.…”