Ed Markey: “we are going to vote on a very important piece of legislation later on this afternoon. This is a bill that is going to…”

“we are going to vote on a very important piece of legislation later on this afternoon. This is a bill that is going to move revenues from 46 States to 4 States. This is no small thing. Let me just tell you a little bit about what this bill will do. The revenue generated from oil and gas drilling on Federal lands offshore is one of the largest nontax revenue streams for the Federal Government. These oil and gas resources on public lands offshore belong to all of the American people. They are public resources that belong as much to someone living in Massachusetts, Kansas, or California as they do to someone in Louisiana or in Texas. These are resources that should help every American, not just a select few. The revenue generated from these public resources goes to the Federal Treasury to help pay for Medicare, Medicaid, education, our Defense Department. It helps to pay for everything, including reducing our Federal deficit. However, in 2006, the four Gulf States--Louisiana, Alabama, Mississippi, and Texas--succeeded in passing a law that is going to direct an ever-increasing share of these offshore drilling revenues away from the Federal Treasury to just those four States. By redirecting this revenue, that 2006 law is going to take money that should benefit taxpayers in all 50 States and send it instead to just 4 States. How much money are we talking about?…”