Saturday, May 21, 2022
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home oil news

La. lawmakers try to boost state’s share of federal offshore oil money

June 10, 2020
in oil news
La. lawmakers try to boost state’s share of federal offshore oil money
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Commodity outlook: Crude oil gains; here’s how others may fare

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,

Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,

Louisiana’s two U.S. senators are waging the latest effort in a long-running push to increase the amount of federal offshore oil money Louisiana receives to restore and protect its eroding coast.

Sen. John Kennedy has introduced a bill that seeks to remove the cap of $375 million a year oil-producing Gulf states can receive through the Gulf of Mexico Energy Security Act, referred to as GOMESA. Passed in 2006, the measure sends Louisiana, Texas, Mississippi and Alabama a share of oil revenue from drilling in federal waters off their coasts.

“Louisianians have tirelessly supported America’s path to energy independence, and we depend on GOMESA funds to conserve and restore our storm-battered coastline,” Kennedy said in a news release. “The existing cap arbitrarily siphons money away from conservation in oil-producing states. This cap isn’t smart, sustainable or fair. The commonsense solution here is eliminating the cap on oil revenues for Gulf states.”

Fellow Republican Sen. Bill Cassidy is pushing to do the same thing by adding a provision to a bill being debated Tuesday evening on the Senate floor. The Great American Outdoors Act would send 50% of oil and other fossil fuel revenue from federal lands in inland states to an account that pays for maintenance at national parks. Some of the money in the account goes to matching grants for recreation and outdoors projects in those states.

“We have a bipartisan group of senators supporting my provision, and we’ve got environmentally focused organizations doing so, too,” Cassidy says in a speech prepared for his presentation on the Senate floor. “We believe the Great American Outdoors Act’s goals are exactly the same as the ones we have: to protect the environment. … I urge the bill sponsors and those supporting the bill to join me in bringing equity to the coastal regions of our country, and I look forward to working with them in the coming days.

Louisiana lawmakers, coastal advocates and officials in Terrebonne and Lafourche parishes have pushed for years to increase the amount the states receive through the GOMESA.

Proponents contend upping the amount would put Gulf states on more-equal footing with the money inland states receive from drilling on federal land within their borders. Opponents say the GOMESA money belongs to the federal government, not the states, and that comparing inland revenue sharing to offshore is a flawed argument.

As it stands, the federal government sends the Gulf states 37.5% of the oil revenue from drilling in U.S. waters off their coasts. Louisiana lawmakers have tried unsuccessfully to increase that share to 50%.

This year, the Gulf states received a record $353 million through GOMESA, including Louisiana’s share of $156 million.

Most of the money from the state’s latest share is set aside for two local projects:

‒ $50 million for a permanent floodgate on Bayou Chene in St. Mary Parish. Officials have sought to build the structure for years to prevent spring floods from the Atchafalaya River from inundating all or parts of six…



Read More: La. lawmakers try to boost state’s share of federal offshore oil money

Tags: Boostfederallawmakersmoneyoffshoreoilsharestates

Related Posts

Commodity outlook: Crude oil gains; here’s how others may fare
oil news

Commodity outlook: Crude oil gains; here’s how others may fare

by Oil Market
July 31, 2020
0

NEW DELHI: There was a sea of green in the commodities market bullion, base metals and bullion futures rose...

Read more
Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,
oil news

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,

by Oil Market
July 30, 2020
0

Carl Court | AFP | Getty ImagesOil giant Royal Dutch Shell on Thursday reported a sharp drop in net...

Read more
Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,
oil news

Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,

by Oil Market
July 30, 2020
0

Stock Market Live: Indian shares were trading higher on Thursday mainly led by gains in pharma and IT...

Read more
US stocks decline as stimulus negotiations heat up and earnings miss hopes
oil news

US stocks decline as stimulus negotiations heat up and earnings miss hopes

by Oil Market
July 29, 2020
0

Reuters US stocks closed down on Tuesday as investors mulled Senate Republicans' coronavirus stimulus package and a slew of...

Read more
Tokyo Gas : Acquires Oil and Gas Assets in Louisiana Through Castleton
oil news

Tokyo Gas : Acquires Oil and Gas Assets in Louisiana Through Castleton

by Oil Market
July 29, 2020
0

29 July 2020 Company: Tokyo Gas Co., Ltd. Representative: President, Takashi Uchida Tokyo Stock Exchange, Tokyo 1st Section Security...

Read more
Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,
oil news

Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,

by Oil Market
July 28, 2020
0

Nifty futures on the Singapore Exchange traded 76.5 point, or 0.69 per cent higher at 11,195, in signs that...

Read more
Next Post
Chesapeake Energy, a Fracking Pioneer, Is Reeling

Chesapeake Energy, a Fracking Pioneer, Is Reeling

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

COVID-19 Update: Global Angelica Seed oil Market is Expected to Grow at a

COVID-19 Update: Global Angelica Seed oil Market is Expected to Grow at a

2 years ago
Energy Shares Fall Even as Oil Prices Finish Higher — Energy Roundup

Energy Shares Fall Even as Oil Prices Finish Higher — Energy Roundup

2 years ago

US removes sanctions on four oil shippers after vows to avoid Venezuelan

2 years ago
Oil Prices Inch Higher On Surprise Crude Draw | OilPrice.com

Oil Prices Inch Higher On Surprise Crude Draw | OilPrice.com

2 years ago
Myanmar oil and gas revenue forecast to decrease in 2020-21

Myanmar oil and gas revenue forecast to decrease in 2020-21

2 years ago
Asia stocks rise as U.S. jobs data bounces unexpectedly; oil prices up

Asia stocks rise as U.S. jobs data bounces unexpectedly; oil prices up

2 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com