Haley Stevens: “Senator Murkowski and I are introducing a bill today which we believe to be of importance to the Nation's domestic…”

“Senator Murkowski and I are introducing a bill today which we believe to be of importance to the Nation's domestic energy supply and our precious coastal resources. We are pleased to have Senators Johnston and Breaux as cosponsors. The Outer Continental Shelf [OCS] impact assistance legislation is similar to legislation we introduced in the 102d Congress and have worked on for the past two decades. It is intended to stimulate oil and gas exploration on the Outer Continental Shelf and provide funds from revenues generated by oil and gas production on the OCS to coastal States and communities which share the burdens of exploration and production off their coastlines. OCS impact assistance is an avenue for States and communities to be in full partnership with the Federal Government in the development of OCS energy by investing a small portion of new OCS revenue back into the coastal States. This legislation establishes a fund for impact assistance from leased tracts for distribution to coastal States within 200 miles of such tracts. The funds will benefit States and local governments directly and indirectly impacted by OCS leasing activities. The bill would allocate 27 percent of new revenues generated from oil and natural gas development into the trust. These funds would be shared on a 50-50 basis among States and the eligible counties and coastal jurisdictions.”