Jack Reed: “In 1952, President Truman, speaking about proposals to give coastal States Federal offshore oil and gas revenue said: If…”

“In 1952, President Truman, speaking about proposals to give coastal States Federal offshore oil and gas revenue said: If we back down on our determination to hold these rights for all the people, we will act to rob them of this great national asset. That is just what the oil lobby wants. They want us to turn the vast treasure over to a handful of States where the powerful private oil interests hope to exploit it to suit themselves. Those sentiments are not far off from today. In 1953, Congress enacted the Submerged Land Act. This law provided that each coastal State would have a seaward boundary of at least 3 miles and that the Federal Government would relinquish to the States the interests of the United States in lands beneath the navigable waters within the State boundaries. Importantly, the law affirmed the Federal Government's ownership in lands seaward of the State boundary. Revenues from Outer Continental Shelf drilling belong to the American people in all 50 States. The legislation the Senate is considering today violates this pact with the American people, and it denies the Federal Treasury and the American people essential revenue to address the needs of our Nation. Again, to quote President Truman, since his comments still ring true today: I can see how Members of Congress from [affected areas] might like to have all the offshore oil for their States.…”